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GEMS MENASA Cayman Ltd (“GEMS” or “the Company”), the leading K-12 education business operating in the Middle East and North Africa, confirms that it has successfully redeemed its US$200MM, 12 per cent Subordinated Perpetual Certificates (the GEMS Sukuk) at the first call date of 21 November 2018, resulting in the repayment to Sukuk holders shortly thereafter.
Following the repayment, the company has sought permission to delist GEMS Sukuk from the official lists of Nasdaq Dubai and the Irish Stock Exchange. The GEMS Sukuk was formally issued by a subsidiary, GEMS MEA Sukuk Limited, in November 2013, and was called for repayment at the first call date, approximately 5 years post issue.
Dino Varkey, CEO of GEMS Education, commented: “The GEMS Sukuk was a landmark transaction for our business, and represented our first access to the international capital markets. When we raised the Sukuk in 2013, our business operated 37 schools educating 79,000 students. In the intervening 5 years we have grown significantly. GEMS Education now owns and operates 49 schools and educates over 124,000 students in the MENA region. The US$200MM of capital subscribed by our Sukuk investors contributed significantly to this growth.
We are proud to repay our inaugural Sukuk as we were to join the market back in 2013. We are incredibly thankful to our partners at NASDAQ Dubai and the Irish Stock Exchange, but principally grateful to our Sukuk holders who have placed their trust in our business and supported us in this journey.”
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