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FINANCIAL NEWS
GEMS sells 20 pct of its stake
17 Sep 2013
(MENAFN) Dubai-based schools operator GEMS Education plans a stake sale of 20 percent and raise USD500 million to support the growth, according to Saudi Gazette.
GEMS is distributed across the Gulf region and owns 100 private schools.
Chairman Sunny Varkey said: “We are a company that is growing. We are looking to raise approximately $500 million in the near term.”
The firm plans to sell 33 percent to raise the sum, as a magazine reported. However, Varkey said: “We will not sell more than 20 percent.”
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