Addax goes back to school

16 December 2005
Addax Investment Bankis planning to launch a $50 million education fund in early 2006. The fund is expected to acquire stakes in schools in the GCC, Lebanon, Egypt, South Africa and Vietnam. Addax will raise the capital for the fund, which will be open to local and international investors, and participate in the management team.

The bank plans to raise its capital to $50 million from $10 million in early 2006. The additional capital will come from retained earnings and an injection of cash from existing and new investors. Its authorised capital is $100 million.

The bank currently has five key investors and will be eligible to make an initial public offering (IPO) of shares in 2006 after showing two years of profits.

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