Listing of Curro's Stadio delivers a bonus to shareholders
Private education group Curro unbundled its tertiary education arm Stadio into a separate listing on Tuesday morning, which effectively saw shareholders gain 5.3% from Monday's R39.27 closing price.
© RAJESH RAJENDRAN NAIR – 123RF.com
At 9.30am, Curro's share price was R34.70 and Stadio's was R6.66, giving them a combined value of R41.36.
Stadio made its debut on the JSE trading in a range of between R5.55 and R7.75, with 740,363 shares valued at nearly R5m trading by 9.30am.
Curro announced in June that its founder, Chris van der Merwe, would move to Stadio as CEO following the listing, but would remain as a nonexecutive director and adviser to Curro.
During the six months to end-June, Stadio acquired 100% of film school Afda and a 74% stake in Southern Business School (SBS). The total committed acquisition value was R540m, with the additional investment into three Embury campuses totalling R130m.
Source: BDpro