GFH sells its 70% stake in Dubai school

Manama : GFH Financial Group (GFH) announced that its 100 per cent owned subsidiary GFH Capital Limited (GFH Capital) has agreed to sell its 70pc stake in the Dubai-based Philadelphia Private School (PPS), which it acquired in October 2014, to Nashat Sahawaneh, the School’s existing 30% shareholder.

PPS is a K-12 American curriculum school which was founded in 2006 and is valued at more than UAE dirhams 130 million. 

The school currently has around 1500 students, a 20pc increase from the time GFH Capital acquired the School and despite slower economic growth in Dubai during the latter part of the holding period. PPS has delivered a return of over 33pc during its 3-year investment period.

Commenting, Hisham Alrayes, CEO of GFH, said, “We are delighted with the value we have been able to create both for the School and our investors during the hold period. We will continue to work to maximise the performance of our remaining education assets and focus on identifying similar income generating opportunities in defensive sectors for the benefit of our investors and shareholders as we go forward.” 

In December 2017, GFH achieved another successful exit from its education portfolio with the US$150 million acquisition of half of the Group’s regional education assets by Inspired, a leading global group.