A mega donation deal may turn Curro into a non-profit, opening doors for lower-income learners, but current Curro parents shouldn't expect cheaper fees anytime soon.
When billionaire businessman Jannie Mouton says he wants to give South Africa "a fishing rod rather than a fish", he doesn't mean it literally. To be fair, it was actually his son Jan, in his capacity as foundation spokesperson, who said that in an exclusive interview with Daily Maverick. Oh, and he means education.
The Mouton family foundation is betting that taking Curro Holdings off the Johannesburg Stock Exchange (JSE) with a proposed R7.2-billion buyout of the country's largest listed private school operator, will transform it from a shareholder-driven business into a non-profit engine of access.
Kind of a big deal
The Jannie Mouton Stigting (that's Afrikaans for foundation), a public benefit organisation, has tabled a firm intention offer to acquire every last Curro share. The plan is to delist the company, reincorporate it as a non-profit, and recycle all surpluses into bursaries, school expansions and education projects in places where private schools simply don't make commercial sense.
"This is the biggest donation in the history of South Africa," said Jan Mouton. "For shareholders, it's...
