The sale of Summit College created a strong working relationship with the JSE listed ADvTECH group. Under the sale agreement, a portion of the purchase price will be settled in the form of a 25 year bursary fund (with an initial annual value of R 2.5 mil) that will escalte annually with inflation.
The bursary scheme (which is under the control the Summit educational trust) will enable the Summit Trust to offer bursary assistance to learners wishing to attend ANY ADvTECH institution, including the opportunity for tertiary study.
Part of the purchase price will also be in the form of cash (approximtaely R 28 mil). This will allow the Summit Educational Trust to:
- Create an endowment fund, to build a new (long term) bursary fund
- Provide assistance beyond the scope of the ADvTECH bursary scheme (e.g. to provide for foreign tertiary study for deserving learners or non academic support
- Fund new capital projects (e.g. in low fee schools)
The Summit Educational Trust is very excited by our assocuiation woth ADvTECH. We look forward to exploring the many opportunities in areas such as low fee school development, high impact learning, intern development (especially in teaching) and technology based education.
The Summit Educational Trust is however keen to partner with other parties that have a shared vision of making a difference in education in South Africa.