JOHANNESBURG, Sept 15 (Reuters) - South Africa’s biggest private education firm Curro Holdings will float its higher education business next month, it said on Friday.
Curro said it would unbundle shares in its tertiary education subsidiary, Stadio, to its own shareholders at a ratio of one-to-one. Stadio plans to raise 840 million rand ($48.65 million) through the rights offer.
Curro decided to separate its higher education businesses to focus on pursuing growth amid “significant opportunities” in the post-school education market and to access new funds, it said.
The listing on the Johannesburg Stock Exchange (JSE) will provide access to equity and debt capital markets to facilitate growth and planned expansion through organic growth and acquisitions, the firm said in a statement.
Curro is the largest for-profit independent school group in Africa, with around 127 schools across South Africa and Namibia.
Curro shares were 3.1 percent firmer at 36.39 rand, after touching a two-year low in intraday trading.
Stadio is expected to list on Oct. 3 with the share code SDOJ.J. ($1 = 13.1559 rand) (Reporting by Tanisha Heiberg; editing by Susan Thomas)