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Jeddah - SEDCO Holding Group, a leading Shariah-compliant private wealth management organization, has acquired a 50% stake in Mektebim Okullari, a leading, fast growing company operating in the private education sector in Turkey.
Anees Moumina, CEO of SEDCO Holding Group, and Ümit Kalko, Mektebim's founder and Chairman, signed the accord.
Under a partnership agreement with the Turkish company which currently operates 17 schools from pre-school to high school levels, SEDCO Holding Group will own 50% of the company's shares and play an active part in the company's ambitious growth strategy in the region.
The schools currently have over 4,000 students and Mektebim Okullari will add 8 more schools this year to its portfolio and has many other projects under consideration.
The private education sector in Turkey is one of the fastest growing in the world. It is expected to grow from 4% of the overall education sector to about 20% in the near future. This promising outlook has attracted several major investments in the last few years.
Commenting on the agreement, Anees Moumina, said: "We as a Group welcome and look forward to solid and prosperous new partnerships with companies, and this falls under our investment strategy which is approved by the Board of Directors."
"Our experience and portfolio of successful diversified investments encourages the Group's expansion in direct investments and in promising sectors. This action is in line with our extensive research to seek new acquisition opportunities and create valuable partnerships and contributions which offer high return on investments," Moumina further said.
Ümit Kalko, Founder of Mektebim Okullari, welcomed the partnership, and said: "Metebim's expansion focuses on thriving business deals and partnerships. As a company, we pride ourselves with the exerted efforts in the outreach of new investment plans and we are confident that this partnership will lead to strong, sustained growth for the Company based on the complementary expertise of both partners."
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About SEDCO Holding
Founded in 1976 by the Bin Mahfouz family, one of the leading banking families in Saudi Arabia, SEDCO has become recognized as a leading Shariah-compliant organization, responsible for a diverse spectrum of operating companies in industries such as, real estate development and management, travel and tourism, hospitality, automobile leasing and casual dining, in addition to managing private and public equity holdings in Saudi Arabia and around the world. SEDCO Holding was established to consolidate the various business activities of SEDCO in which the wealth of the Bin Mahfouz family is invested. SEDCO Holding applies the highest standards of corporate governance in accordance with by-laws of international standards that ensure the longevity and growth of the business. Based in Jeddah, SEDCO Holding is headed by a board of directors comprised of eight members, five of which are from outside the family and are chosen from prominent local and international experts. SEDCO Holding is dedicated to responsible and ethical corporate practices through strong leadership and strategies that have enhanced SEDCO's position as a prominent Saudi group with global investments. SEDCO Holding is committed to supporting the welfare and development of individuals and communities across Saudi Arabia and invests in a range of corporate social responsibility activities, recognizing that business success brings a responsibility to contribute to the advancing economic and social development of communities where it has a presence. SEDCO's social responsibility efforts focus on serving its employees, the sectors it operates in, the environment, and the broader community.
More information at www.sedco.com
For more information:
Hussein Nasrallah
Senior Media Relations Manager
Memac Ogilvy PR
Tel: +966 12 651 0704
Mob: + 966 50 466 3187
E-mail: Hussein.nasrallah@ogilvy.com
© Press Release 2015
