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GEMS Menasa Cayman Ltd ("GEMS") today announces that Khazanah Nasional Berhad (“Khazanah”), the strategic investment fund of the Government of Malaysia has acquired a 3% stake. The stake was acquired from the Varkey Group (“VG”), the majority owner of GEMS.
The investment adds to Khazanah’s existing indirect interest in GEMS, via its shareholding in Fajr Capital, the Dubai-based private equity investor that led the 2014 acquisition of a minority stake in GEMS by an investor consortium including Bahrain’s sovereign wealth fund, Mumtalakat and Blackstone.
Khazanah's investment is structured as a purchase of existing shares in GEMS parent entity, GEMS MENASA Holdings Ltd from VG. Following the sale VG remains the largest shareholder in the company and committed to holding a majority controlling stake in GEMS. GEMS will receive no proceeds from the sale.
The terms of the transaction have not been disclosed.
Dino Varkey, Chief Executive Officer, GEMS Education (MENASA), said: “This strategic transaction reinforces our relationship with a leading global sovereign wealth fund. Khazanah has been indirectly invested in GEMS since 2014 and we are delighted that, having watched our progress over the last three and a half years, they have chosen to increase their exposure through this meaningful direct investment. This is the second sovereign wealth fund to join us in our journey to deliver high quality education across our constituent markets. We are pleased that Khazanah shares our belief in the power of education to shape and improve lives.”
GEMS recently announced its full year results for the year to 31 August 2017, with adjusted EBITDA of $261mm and revenues of $926mm.
The completion of the transaction is expected in the coming days.
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