(MENAFN) Dubai-based GEMS Education is looking to bring USD500 million from a debut sale of hybrid Islamic bonds to provide financing for its expansion plans, The Peninsula Qatar reported.
GEMS Education, employing 11,000 people and operating 100 private schools in the Gulf region, hired three banks to arrange and handle the sale.
In 2007, the largest equity firm in the Middle East, Abraaj Group, acquired a 25 percent stake in GEMS, which was restructured later in 2012 into a loan.
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