The Egyptian Modern Education Systems, S.A.E. announced a private placement of 34,091,766 common shares at a price of EGP 1 per share for gross proceeds of EGP 34,091,766 on December 6, 2017. The transaction will include participation from existing shareholders. The securities will be issued at par. The authorized capital will increase from EGP 50,000,000 to EGP 500,000,000. Post the closing, the issued capital will increase from EGP 16,008,234 to EGP 50,100,000. The transaction has been approved by the board of directors of the company.