Malaysian fund acquires major Vietnam education company

Navis, which currently manages a $5 billion portfolio, announced the acquisition last week, but did not disclose how much stake it acquired or at what price.

Thanh Thanh Cong Education (TTCE) was established in 2007, and has a registered charter capital of VND350 billion ($14.94 million). Last October 95 percent of its stake was bought by Lam Champion Investment Limited, which is headquartered in the Cayman Islands, from Vietnamese shareholders.

Navis said in a statement that it and its partners will continue to grow TTC Education’s platform by opening new schools in underserved areas and expanding services in both new and existing schools.

TTCE owns and operates 17 schools and English language centers, and has acquired land for four more, which would open by academic year 2020-21, the statement said.

In the financial period from July 1, 2017, to June 30, 2018, the TTCE achieved revenues of over VND460 billion ($19.64 million) with a gross profit margin of about 46 percent. Profit after tax was VND28 billion ($1.2 million), up 50 percent from the previous year.

TTCE said it expects in 2020-21 to provide education to nearly 30,000 students across its system.