This Blog helps in disseminating FREE information related to Stock/Share Markets (domestic and overseas), Finance/Investments & Current Affairs. The content of this blog is for information purpose only - not recommendations, to Buy or Sell Securities.
The data used here, is derived from the sources, deemed to be reliable, but their accuracy and completeness is not guaranteed. The author is not responsible for any loss in investments made, based on the inputs provided here - 28th May, 2006.
If you are into IT/Software Sector or say in any sector and can bring overseas contracts (or any domestic business related to the software sector), with a stress on Digital Marketing/Content Writing/Website Development/Reputation Management/SEO/SMM, etc, then you can join me as a partner or associate.
We will give you, the business development portfolio and pay you handsome amounts for your efforts. It does not matter, in which part of the world you are, as long as you can bring businesses. If you are interested, please send me at mail at: email@example.com.
Saturday, October 12, 2013
Sunny Varkey to sell 33% GEMS stake for $500m
[Editor: Dubai-based investor Varkey Group (Gems Education) is the promoter of Everonn Education Ltd, a BSE listed company. CLICK HERE and CLICK HERE]
GEMS Education boss Sunny Varkey is selling up to 33 percent of the company in a bid to raise $500m, Arabian Business can exclusively reveal.
The Dubai-based education giant – believed to be the world’s largest private school provider – has appointed Credit Suisse to find investors to take equity in the company.
In a document prepared by Credit Suisse, GEMS is valued at between $1.5b to $2bn, with a total of $500m being sought in return for equity.
It is understood that a large chunk of any funds raised would be used to pay off the company’s existing loans with the Abraaj Group.
Varkey later said: "We are a company that is growing. We are looking to raise approximately $500 million in the near term.
"We will not sell more than 20 percent," Varkey told Reuters. He said GEMS had appointed Credit Suisse as a financial adviser to help with the sale process and seek investors.
In 2007, Abraaj took a 25 percent stake in the group, though five years later it was converted into loans.
New funds will also be used as extra working capital to fund expansion, and a proportion will be released back to the Varkey family which owns the company.
GEMS currently operates close to 100 schools in 19 countries, serving 147,000 students from 151 countries.
It employs 11,000 staff, and is planning to increase its presence to 50 countries within the next three years.
The company charges up to $40,000 a year in school fees.
Credit Suisse Investment Partner and Director Desh Sharma told Arabian Business he “did not know anything” about the deal.
Dino Varkey, Group Chief Operating Officer at GEMS Education, did not respond to enquiries at the time of publication.