PSG Group – through their PSG Financial Services arm – has increased its controlling stake in Curro Holdings a week after the private education group confirmed a successful R1.5bn rights issue.
The group already held a 55.4% interest in Curro Holdings and have today confirmed a 4.6% purchase consideration to take their existing interest to 60%. This comes five days after Allan Gray Proprietary Limited’s clients, in aggregate, acquired a 5.39% stake in the private education group.
Curro recently reported a 7% increase in revenue to R1.59bn during the first six months of 2020 with a 12% rise in EBITDA from R415m in the corresponding period to R466m this year.
With the Covid-19 pandemic in full swing during the same review period, Curro experienced a decline in the number of learners for the first time since 2011, down from 62 698 to 59 967.
JSE:COH shares closed 2.89% lower at R8.06.
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