FOSHAN, China, July 20, 2018 /PRNewswire/ -- Bright Scholar
Education Holdings Limited ("Bright Scholar," the "Company," "we"
or "our") (NYSE: BEDU), the largest operator of international and
bilingual K-12 schools in China*,
today announced that it has signed a share purchase agreement to
purchase a 70% equity interest in a Zhejiang-based training art institute
("target") for a total consideration of RMB70 million. Founded in 2009, the renowned
institute specializes in art college entrance examination
preparation for students. The target has two main campuses with
over 600 students and has helped over 5600 students enroll in top
art colleges during the past nine years. Its revenue and
EBITDA for 2017 was RMB23.7 million
and RMB9 million, respectively.
With this strategic investment, the Company expects to expand
its service offerings in art training for its students and
professional art training for its teachers, as well as expand its
complementary businesses.
The Company targets to close the transaction on or before end of
the first fiscal quarter 2019, subject to the completion of
relevant corporate and regulatory procedures.
* In terms of student
enrollment as of September 1, 2017, according to an industry report
commissioned by Bright Scholar and prepared by Frost & Sullivan
in 2017.
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About Bright Scholar Education Holdings Limited
Bright Scholar is the largest operator of international and
bilingual K-12 schools in China*.
The Company is dedicated to providing quality international
education to Chinese students and equipping them with the critical
academic foundation and skillsets necessary to succeed in the
pursuit of higher education overseas. It also complements its
international offerings with Chinese government-mandated curriculum
for students who wish to maintain the option of pursuing higher
education in China. As of
February 28, 2018, Bright Scholar
operated 62 schools covering the breadth of K-12 academic needs of
its students across eight provinces in China. In the first six months of the 2018
school year ended February 28, 2018,
Bright Scholar had an average of 34,251 students enrolled at its
schools.
* In terms of student
enrollment as of September 1, 2017, according to an industry report
commissioned by Bright Scholar and prepared by Frost & Sullivan
in 2017.
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Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to,
among others, the completion of the relevant corporate and
regulatory procedures and consummation of the Company's investment,
and can be identified by terminology such as "may," "will,"
"expect," "anticipate," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. Such statements are based upon management's
current expectations of the completion of the relevant corporate
and regulatory procedures and the consummation of the Company's
investment, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Further information regarding these and other risks, uncertainties
or factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under law.
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SOURCE Bright Scholar Education Holdings Ltd.