Malaysia Fund Khazanah Ups GEMS Stake
Malaysia’s Sovereign Wealth Fund has acquired a stake in Dubai-based GEMS Education.
Khazanah Nasional Berhad, has acquired a 3% stake in the the world’s largest operator of K-12 schools, Forbes Middle East reports.
The stake was acquired from the largest shareholder in GEMS – the Varkey Group.
A GEMS Education press statement said that the Varkey Group is “committed to holding a majority controlling stake in GEMS,” and the company will receive no proceeds from the sale.
GEMS CEO Dino Varkey said: “Khazanah has been indirectly invested in GEMS since 2014 and we are delighted that, having watched our progress over the last three and a half years, they have chosen to increase their exposure through this meaningful direct investment.”
Khazanah’s new investment comes shortly after the school operator reportedly picked banks for an IPO scheduled for sometime in 2018.
Founded in 1980 by Sunny Varky, GEMS Education runs 250 schools in 13 different countries.
