Curro Holdings, South African private schools operator, announced in a release published on Feb 23 it was going to raise R1bn ($66m) to fund investments and increase capital.

The increase in capital planned for May will be reserved for existing shareholders who will have the right to buy one share at 33 rand for every 11 share held.

Curro Holdings, who with no avail tried to buy rival Advtech for $479 million, plans to double its number of schools by 2020 in order to meet growing demand which is fueled by the growing interest of middle classes in private schooling.

South Africa’s educational system is among the least performing worldwide, a recent study by the World Economic Forum reveals.