Expanding our offering into the Eastern Cape
The private schools group has bought a preparatory school in Port Elizabeth, using some of the proceeds of a rights issue.
Curro has used some of the proceeds of last year's rights issue to boost its presence in the Eastern Cape. The private schools group has bought St George's Preparatory School in Port Elizabeth, effective from 1 January.
Curro raised R1.5 billion in a rights issue last September to help it reduce debt and raise additional capital for potential acquisitions. It said the purchase of St George's fitted with its intention to expand its geographical footprint and to extend its education offering. Following the acquisition, it now manages two schools in the Eastern Cape.
It said the school, which was established in 1936 and provides high quality independent education to learners from grade 000 to grade 7, would form part of Curro's Select schools' model.
This means that the heart and identity of the school will remain untouched, although learners and parents could over time see some changes in infrastructure to align with future growth strategies," Curro said.
It didn't disclose how much it paid for St George's. Its shares rose 0.6% to R9.60 yesterday.