Pembury Group Limited to list on JSE
Another private school company, Pembury Group Limited, which runs 19 schools‚ hopes it will be given the go-ahead to list on the stock exchange in February
As demand for schools in densely-populated areas of Gauteng grow‚ Pembury Group Limited (PL Group)‚ that runs 19 schools‚ says it believes it will be given the go-ahead to list on the stock exchange in February.
The Group has started the application to list on the smaller arm of the Johannesburg Stock Exchange – the AltX — in December after being given the go-ahead by the JSE.
Chairman of the PL Group Andrew McLachlan said listing was planned for February and since the announcement‚ large investors had shown interest in it even asking‚ unsuccessfully‚ to buy the company.
AltX is a smaller exchange for medium-sized and small businesses to raise capital and it has less stringent financial requirements for listing.
The PL Group‚ which also runs retirement homes‚ moved into schools in 2015 starting with 400 pupils at Willow View Academy in Kempton Park.
After two years‚ the group now has 19 schools in Gauteng and the North West with 2‚300 pupils. The group uses existing commercial properties that lend themselves to being converted into schools such as office blocks or guesthouses for schools.
Mclachlan said: "Other private schools may need about R100‚000m in order to build a school‚ Ours will cost between R10m and R15m."
The schools are built in densely-populated areas.
The schools use sports courts similar to action cricket courts for sports activities instead of traditional sports fields.
In 2017‚ the group will open three new campuses in Centurion‚ Roodepoort and Springs.
The group already has schools in Northriding‚ Hartbeespoort and Ruimsig in Roodepoort.
Mclachlan says private education was helping the government which struggled to place pupils.
Both Curro schools and ADvTECH that owns Crawford colleges and Trinity House schools are listed on the main JSE exchange.
TMG Digital/The Times