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Curro to list higher education unit separately

1 Mar 2017

Curro intends unbundling its tertiary-education division into a separately listed company, it said in its results statement on Tuesday.

Curro to list higher education unit separately

Founder Chris van der Merwe will hand the role of CEO to chief operating officer Andries Greyling on 1 July as a precursor to the split. Van der Merwe will take the role of chairman of the tertiary-education division.

Samara Totaram, previously CEO of Meridian, has taken up the position as chief financial officer of the tertiary-education company.

Curro reported its revenue grew 27% to R1.76bn and after-tax profit rose 83% to R168m in the year to end-December.

Its total number of learners increased 14% to 47,589 during the year. Its fastest growth was at Curro Academy, where learner numbers increased 132% to 2,163.

But Meridian suffered a 6% decline in learner numbers to 9,657.

The group invested R1.7bn during the reporting period, which included building nine new campuses and expanding six existing campuses.

It intends investing R1.8bn in 2017.

Paying for Curro's steady stream of acquisitions means the group does not pay a dividend, and it raised R1.75bn during 2016 by issuing new shares.

"We believe that the tertiary-education component can reach more than 100,000 students over the long term," Van der Merwe said.

In 2016 Curro began the expansion of its tertiary-education business Embury. At the end of 2017, the Embury operations will move to a new facility in Durban that can accommodate 2,600 students. The original campus could host 1,000 students, the results statement said.

Embury is adding two new campuses: Waterfall in Midrand and Montana in Pretoria, which will be ready for full intake in 2018.

Embury was also concluding a transaction with Ba-Isago University in Botswana, as announced in November, Curro said.

Source: BDpro

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