IFC's financing will support the acquisition of two established K-12 schools in Jordan and bring the total number of students across FEH schools to over 7,000. This will also be the fourth acquisition by FEH.
FEH is the Bank's education platform, focused on acquiring and managing schools from Kindergarten to Grade 12 across the Mena region, with total student enrollment of approximately 3,500 across its schools in the UAE and Egypt. FEH provides strategic management support to schools, thereby optimizing the growth and quality of its education businesses, while preserving the unique atmosphere, ethos and culture of each school.
The partnership with IFC demonstrates strong confidence in Addax Bank's strategy to invest in high growth, non-cyclical sectors such as education, food and beverage, and hospitality across Mena. Addax Bank is committed to FEH's vision to become a leading high-quality education company that caters to the growing education needs in Mena.
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Addax Bank Affiliate partners with IFC for acquisition
- Bahrain: Monday, July 06 - 2009 at 14:38
- PRESS RELEASE
Bahrain-based Addax Bank, a premier private equity institution focused on investments in the Mena region, announced today that the International Finance Corporation (IFC), a member of the World Bank Group, will make a $14m investment in its associate company, First Education Holding (FEH).
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Notes and media contacts
About Addax Bank:Addax Bank has earned a reputation as a unique and highly differentiated player in the financial services sector in the Middle East, with a core focus on private equity.
Incorporated in October 2003, Addax Bank operates under a conventional wholesale banking licence issued by the Central Bank of Bahrain. Headquartered in the Kingdom of Bahrain.
Yousef Al Essa
Chief Executive Officer
Addax Bank
+973-1-756-0444
Sohab Rashid
Chief Investment Officer
Addax Bank
+973-1-756-0444
Media contact:
Bushra Al Khour
Administration Executive
Action Bahrain
P.O Box 21806
Manama, Kingdom of Bahrain
T +973 17 234553
F +973 17 234557
Posted by Siba Sami AmmariMonday, July 06 - 2009 at 14:38 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Wed Jul 08 2009.
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