PHD, El Tarek Automotive snap up additional shares in Taaleem: Palm Hills Development (PHD) and El Tarek Automotive have bought up CI Capital’s entire 13.1% stake in higher education outfit Taaleem, Asharq Business reports citing sources with knowledge of the transaction.

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PHD purchased an additional 22.1 mn shares — equivalent to a 3.02% stake — in Taaleem for an average of EGP 10.5 a pop in an EGP 231.6 mn transaction, according to an EGX disclosure (pdf). This brings PHD’s stake in Taaleem to 32.61%, after the property development acquired Chairman Yasseen Mansour’s 29.6% stake in an EGP 1.9 bn transaction back in October.

El Tarek Automotive and its affiliates purchased an additional 10% stake — represented in 74 mn shares — in Taaleem for a total of EGP 725 mn, bringing their total stake in the firm up to 14%. The transaction makes the auto player and its companies the third largest shareholder in Taaleem.

PHD and Taaleem have been doing plenty of business together: PHD and Taaleem inaugurated Badya University — a joint venture between the two sides — in New October City back in September.

PHD has big education plans, here and abroad: The real estate player will set up 15international schools in Saudi Arabia under a partnership agreement inked with Saudi investment group Dallah Albaraka subsidiary Dallah Real Estate that will also see them develop integrated, multi-use urban projects. Mansour said in September that PHD plans to set up 10 schools in the country within the next 10 years.

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