ADVTECH LIMITED - ADvTECH acquires established Ethiopian school group and expands its footprint across the African continent

ADvTECH acquires established Ethiopian school group and expands its footprint across the African
continent

ADvTECH Limited
(Incorporated in the Republic of South Africa)
(Registration number 1990/001119/06)
Share code: ADH       ISIN: ZAE000031035
("ADvTECH" or "the Company")

ADvTECH acquires established Ethiopian school group and expands its footprint across the African
continent

The ADvTECH Group (ADvTECH) announced today that it has concluded a USD7,5 million agreement
(approximately R135 million) to acquire a 100% interest in Flipper International School in Addis
Ababa, Ethiopia, further reinforcing its position as a leading provider of private education on the
African continent.

The acquisition will add five schools and an additional 3 000 students to the Group's international
portfolio in the fifth fastest growing city on the continent. The acquisition was internally funded by
ADvTECH.

Commenting on the acquisition, ADvTECH CEO, Geoff Whyte said: "We are delighted to welcome
Flipper International School to the ADvTECH Group as we expand our presence across Africa and
further cement our status as the leaders in teaching and learning on the continent."

Well-known for its academic excellence, Flipper International School was founded in 1998 by Mrs
Menna Selamu Bekele and Mrs Serkaddis Seifu Yeteshawork. In 2018, the founders sold an 85% stake
to Tana Africa Capital and the Saham Group.

Flipper International Schools' five campuses are located in Beklobet in the centre of Addis Ababa and
in Summit to the east of the city. Total current capacity of the five locations amounts to more than 3
500 students.

Ethiopia is experiencing rapid urbanisation. As a consequence of this development, availability in the
public schooling system in Addis Ababa has become increasingly constrained. This has led to
increased demand for high quality, private education.

"As a business, ADvTECH is in a unique position to make a truly meaningful difference to people's
lives and futures. Flipper International School has always been a beacon of academic excellence in
the region. We look forward, therefore, to applying our resources and expertise to this school and
taking it to even greater heights in the years to come," concluded Whyte.

21 November 2024
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

Date: 21-11-2024 10:07:00
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