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FINANCIAL NEWS
Kuwait’s UEC takes stake in Al Rayan Holding
21 Jul 2012
(MENAFN) Kuwait’s United Education Company (UEC) bought a 82 percent shareholding in Al Rayan Holding from a group led by Global Capital Management, Arabian Business reported.
UEC, a Kuwait higher education company, is part of its expansion strategy to create one of the leading education groups in the GCC.
UEC vice chairman and managing director Meshal Ali said the company agreed to buy into Al Rayan Holding Company as it sees significant growth in the K-12 market in Kuwait.
KIPCO Asset Management Company and GulfMerger were chosen as financial advisers for the deal.
Al Rayan Holding was established in 2006 with the aim of consolidating K-12 schools in Kuwait into a single platform.
The company currently operates six schools with over 10,500 students, including one of the leading Indian and Pakistani schools in the country.
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