VOLUNTARY ANNOUNCEMENT: CURRO, PIC AND OLD MUTUAL JOIN FORCES TO EXPAND QUALITY LOW-FEE SCHOOLING

Curro Holdings Limited 

Incorporated in the Republic of South Africa 

Registration number: 1998/025801/06 

Share code: COH 

ISIN: ZAE000156253 

(Curro or the Company) 


VOLUNTARY ANNOUNCEMENT: CURRO, PIC AND OLD MUTUAL JOIN FORCES TO 
EXPAND QUALITY LOW-FEE SCHOOLING 


Curro is pleased to advise shareholders that it has embarked on a 

joint venture with the Schools and Education Investment Impact Fund of 
South Africa (IT3207/2011) to provide affordable, quality private 
schooling to low-income families. 

 


Old Mutual Investment Group SA (OMIGSA) and its investors, the 

Public Investment Corporation (PIC) and Old Mutual Life Company of 

South Africa, established the Schools and Education Investment Impact 
Fund of South Africa (the OMIGSA Schools Fund) with the primary 

focus of financing infrastructure and education-related requirements 
for independent low-fee paying schools. 

 


As set out in Curros pre-listing statement, Curro is firmly of the 

view that the purpose of education is to empower every person with the 
opportunity to achieve their potential as individuals and members of 

society. Education is one of the cornerstones of society, providing 

the main strategic thrust to long-term South African development. 

 


The joint venture allows Curro, together with the OMIGSA Schools Fund 
and their respective investors, to play a supportive role to 

Government in addressing the educational needs of South Africa in the 
lower income market and to put in motion the objectives set out in 
Curros pre-listing statement. 

 


The joint venture includes the incorporation of an operating company 

that will operate schools, to be known as the Meridian Independent 

Schools, and a property owning company, held 65% by Curro and 35% by 

the OMIGSA Schools Fund, that will provide the school facilities and 

premises for the schools, with Curro being appointed as the manager of 
the schools. The Meridian Independent Schools will focus on providing 
private schooling to students where the majority of parents earn less 
than a defined threshhold, currently R200 000 (two hundred thousand 
Rand) per annum. 

 


The OMIGSA Schools Fund has made loan financing of up to R397.1 

million and Curro has made junior debt facility of up to R42.9 million 
available, subject to the fulfillment of certain conditions precedent, 
for the development and operation of 11 Meridian Independent Schools 
over the next seven year period. 

 


The transactional agreements regulating the above matters were signed 
by the parties today, 3 July 2012 and memoranda of incorporation 



regulating the newly incorporated companies will be lodged at the 
Companies and Intellectual Property Commission. 

 


The Company and its directors are excited at the new prospects that 

the joint venture will unlock for the Company, the OMIGSA Schools Fund 
and their shareholders, and the important role that the Meridian 

Independent Schools will play in providing affordable, quality 

education and schooling facilities where needed most in our community. 

 

Durbanville 

3 July 2012 

Sponsor 

Sasfin Capital 

(A division of Sasfin Bank Limited) 

Transaction Adviser to Curro 

PSG Capital (Pty) Limited 

 

 

 




Date: 03/07/2012 02:00:00 Supplied by www.sharenet.co.za                     
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