SA billionaire’s foundation to transform Curro schools

Gerine HoffWindhoekA trust owned by South African businessman Jannie Mouton has offered R7.2 billion to acquire all Curro shares, with the goal of turning that country’s largest independent school group – including Namibian branches Windhoek Gymnasium, Oshana Gymnasium and Walvis Bay Gymnasium – into a not-for-profit organisation.According to Curro Namibia’s executive head, Colette Rieckert, the proposal is a positive development, allowing for greater capital investment. “The good news is that we can use surpluses for capital expenditure and bursaries. Since we will no longer need to pay returns to shareholders, we can reinvest directly into the schools.”Rieckert added: “It is a privilege to be part of the Curro group. What started as a Section 21 company, intended to build more schools, became a business, and now we can return to a non-profit model. We are moving towards exactly where we wanted to be.”Curro acquired Windhoek Gymnasium in 2015.Share surgeMoneyWeb reported that the buyout offer came from the Jannie Mouton Foundation, a public benefit organisation named after the billionaire founder of PSG Group and Capitec. Following Curro’s announcement, the company’s share price surged 52% in Wednesday morning trade.Under the proposed R13-per-share scheme of arrangement, Curro would delist from the Johannesburg Stock Exchange and operate as a non-profit company.Jan Mouton, deputy chair of the foundation and Jannie Mouton’s son, called the deal a milestone for education. “Acquiring Curro represents a game-changing contribution to quality education, possibly the largest philanthropic donation the country has ever seen. Over time, this will allow thousands more children to attend Curro schools through bursaries, broadening access to excellent education.”Speaking to Alec Hogg of BizNewsTV, Mouton explained the rationale behind the acquisition. “We originally considered building a school of skills in Stellenbosch, which would have cost around R100 million. Starting a new school involves initial losses, making it a long-term project. Then I thought about Curro, taking its market cap, adding a premium, and dividing it across its 189 schools. By paying R7.2 billion, we are effectively paying R38 million per school, substantially less than the cost of building new schools, while gaining an established and efficient organisation.”If approved by shareholders, Curro will be 100% owned by the Jannie Mouton Foundation and immediately converted into a not-for-profit.BenefitsMouton added: “Current parents will benefit because the focus will remain on quality education. The larger the surplus, the more bursaries we can provide and the more schools we can build in underprivileged areas. Every rand made will be a rand reinvested in education.”The transaction involves extensive legal work, but shareholders are being offered a 60% premium, which the foundation hopes will secure approval.Across South Africa and Namibia, Curro serves around 72 000 learners and employs approximately 7 200 staff, which includes 4 200 teachers.Rieckert said that the board is currently finalising logistics, with a shareholder vote scheduled for 31 October, pending regulatory approvals in South Africa. If the deal proceeds, Curro’s delisting is expected by late 2025 or early 2026.

SA billionaire’s foundation to transform Curro schools

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Namibian Sun 2025-10-16

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SA billionaire’s foundation to transform Curro schools

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Namibian Sun 2025-10-16

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