IFC studies $25m Minsheng investment
Posted on 23 March, 2017 by Thierry Heles, editor
IFC has injected $25m in Minsheng Education as part of the company’s initial public offering on the Hong Kong Stock Exchange.
Minsheng Education, a China-based private education provider, attracted $25m from International Finance Corporation, the private sector arm of the multilateral financial institution World Bank, as part of IPO yesterday, China Money Network wrote today.
Minsheng floated on the Hong Kong Stock Exchange at a market capitalisation of $771m. The company is majority-owned by chairman Li Xuechen and his daughter, who hold a combined 75%.
Minsheng Education counted 30,000 as of the end of the previous academic year in June 2016.
IFC’s injection will support the operation of four existing schools and an expansion into other additional provinces in China. The investment forms part of a deal for Minsheng to boost its environmental and social standards.
Li Xuechun said: "IFC’s participation in our initial public offering has increased Minsheng Education’s credibility and visibility in the market.
"We will benefit greatly from IFC’s global experience in private education as well as environmental and social best practices."
Patrick Leahy, IFC’s regional head of industry for manufacturing, agribusiness services Asia, said: "Investments in education help to bring more people into the workforce with in-demand skills.
"Our partnership with Mingsheng Education will help improve access to quality higher education in China and create opportunities for young people from all backgrounds."
See more from this Government Report: World Bank/IFC
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