VUS Training

completed

Vietnam US Society English International Joint Stock Company (“VUS” or “the company”) currently operates 15 training centers in Ho Chi Minh City, Vietnam serving about 38,000 students. The company offers English language training programs for each category of students including juniors, teens and adults as well as other premium and supplementary programs (http://www.vus.edu.vn/). VUS typically rents rooms/ buildings in commercial and residential areas for purposes of training centers and the company doesn’t plan any construction of new buildings. Usually, prior to commencement of new centers operation the company refurbishes rented space so as to equip for training purposes.The company intends to continue expanding its operations in Vietnam (“the project”). The project shall encompass both optimization of programs and expansion of the company’s physical presence. IFC is considering a co-investment, with Aureos South-East Asia Fund II L.P. (“ASEAF II” or “the Fund”), an existing IFC investee fund (#29952, disclosed in November 2011) managed by The Abraaj Group (“Abraaj”). In the transaction, ASEAF II and co-investors (including IFC) will jointly invest in the project through a special purpose vehicle which is being set up and will be managed and controlled by Abraaj.