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RIYADH: Egypt’s Sovereign Wealth Fund and EFG Hermes’ Egyptian education platform have signed an agreement worth 500 million Egyptian pounds ($25 million) to acquire a 56% stake in the education platform. education Selah El Telmeez, Asharq reported Tuesday citing people familiar with the matter.
Founded in the 1960s, Selah El Telmeez provides educational content and learning guides for K-12 students in a variety of subjects.
“Our main objective in this partnership is to capitalize on the existing wide range of technological advances available around the world,” said fund CEO Ayman Soliman.
“With EEP, we have realized the potential to create diverse and engaging educational content to cater to the advancement of important middle and low income segments in all 27 governorates of Egypt,” he added.
Soliman explained that the new investment complements the sovereign wealth fund’s education investment strategy, which aims to provide a large segment of Egyptians with innovative and affordable education solutions to help students meet their learning challenges.
The American law firm White and Case acted as legal adviser to the Selah El Telmeez platform, while the Egyptian ADSERO-Ragy Soliman and Partners acted as the legal adviser to the sovereign wealth fund.
The share transfer is expected to take about two months to complete, one of the sources told Asharq.
The source added that the EEP will acquire 51% of Selah El Telmeez and the sovereign wealth fund will buy 5% of the shares.
“Selah El Telmeez supports millions of students across Egypt, spanning almost every governorate with the industry’s best content and engaging learning materials,” said Mostafa Hamdy, Co-CEO of Selah El Telmeez. .
“Our partnership with EEP will enable us to unlock and accelerate our ambitious plan to expand our full suite of services nationwide,” he added.
As per the agreement, Selah El Telmeez will operate independently under the same brand and continue to be managed by the current team, comprising CEO Walid Hamdy and Co-CEO Hamdy.
EEP’s educational platform has grown over the past three years, with its portfolio currently covering a broadly diverse pool of 18 national and international schools and preschools operating in Cairo and Alexandria.