DUBAI: GEMS Education, a Dubai-based schools operator, is seeking to raise about $500m to fund growth by selling a stake of up to 20 percent in the privately owned company, Chairman Sunny Varkey said yesterday.
GEMS, which employs about 11,000 staff, operates around 100 private schools across the Gulf region, home to many prosperous expatriates. Private schools in countries such as the United Arab Emirates are expanding rapidly as demand surges along with economic growth.
“We are a company that is growing. We are looking to raise approximately $500m in the near term,” Varkey said.
Earlier yesterday, Dubai-based Arabian Business magazine, had reported, without revealing its sources, that the firm was looking to sell up to 33 percent to raise the sum.
“We will not sell more than 20 percent,” Varkey said. He said GEMS had appointed Credit Suisse as a financial adviser to help with the sale process and seek investors.
Reuters
