Britus Education has announced its acquisition of the British International School of Tunis (BIST).
Britus Education is an education investment platform fully owned by GFH Financial Group (GFH). The move further expands its presence on the Tunisian market.
GFH is already a major investor in Tunis Bay, a flagship urban project in northern Tunis.
In a statement, Britus Education Acting CEO Fatema Kamal said: “We’re delighted to announce the further expansion of the group’s presence in Tunisia with the strategic acquisition of a leading international K-12 school in the MENA region.”
GFH is a Bahrain-based Islamic wholesale investment bank led by Al-Rayes, its CEO. Al-Rayes has led 12 different companies and is chairman of Royal Ranches Marrakech, Esterad Investment Co. BSC and Tunis Bay Project Co (a GFH subsidiary).
As of June 30, 2020, the group’s total assets were $6.13 billion compared with $5.95 billion on Dec. 31, 2019.
The latest deal gives GFH a 70-percent stake in BIST. The group plans to form another BIST branch in Tunis Bay.
Kamal added that the investment aligns with GFH’s strong commitment to the Tunisian market and will support its efforts to offer world-class amenities, including top-ranking international schools.
