Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) plans to build fresh schools in Madinaty and El Rehab in the coming period as part of its strategic alliance with EFG Hermes and GEMS Education.
Upon the agreement, the Egyptian real estate giant has obtained EGP 1 billion in its subsidiaries, TMG Holding said in a filing to the Egyptian Exchange (EGX) on Tuesday.
On Monday, EFG Hermes announced it has closed an agreement with TMG Holding to acquire a portfolio of elementary schools in Madinaty and El Rehab with nearly EGP 1 billion in investments.
Head of Asset Management and Private Equity at EFG Hermes Karim Moussa had previously said that the company was planing to invest $300 million in Egypt’s education sector in collaboration with GEMS Education in the next five years.
