Taaleem Management Services has completed the acquisition of 32% of SB Investment which owns an under-construction university in Fifth Settlement, New Cairo. The acquisition deal costs EGP 300m.
Sources told Daily News Egypt that the university will be built over two phases. The first will be completed by September 2024.
The sources added that the aim of increasing the company’s capital is to accelerate the university’s construction operations.
The sources also stated that SB Investment is owned by a number of businessmen working in the paints sector in Egypt, refusing to disclose their names.
Taaleem indicated that it will retain its full right to manage the university’s operational and financial aspects, noting that the university’s file has been approved by the Ministry of Housing and the Supreme Council of Universities.
The company stressed its continued focus on growth and expanding the base of its educational institutions to include one operating university with a capacity of 12,350 students, in addition to two universities in the licensing and construction phase, with a capacity of 22,500 students.
The profits of Taaleem increased by 50.2% during the first quarter of the current fiscal year, reaching EGP 107.99m, compared to a profit of EGP 71.87m during the same period of the last fiscal year.
The company’s revenues increased during the three months to EGP 229.8m, compared to EGP 171.65m during the same period of the previous fiscal year.
The company explained that the decision came after reviewing the report of the independent financial advisor on the fair evaluation of the shares of SB Investment.