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Visionary Holdings Inc. (NASDAQ:GV) shares are jumping higher today after it disclosed that it signed a Memorandum of Understanding with the Public Investment Fund (PIF) of Saudi Arabia for investment of $120 million to fully support the development of its various industry projects.
Visionary was founded in August 2013 and has its headquarters in Toronto, Canada. It operates six schools in Canada and owns four commercial and educational buildings in downtown Toronto, valued at over C$120 million.
This includes debt replacement for four of Visionary’s commercial buildings (including with the Bank of China) and real estate redevelopment investments.
Saudi Arabia’s PIF is one of the world’s largest sovereign wealth funds, with assets estimated at $925 billion.
PIF plans to continue supporting Visionary’s future growth through investments in global acquisitions, industrial upgrades, debt optimization, and talent resources.
Both parties have also agreed to collaborate in high technology, life sciences, and AI education, including areas like international education and biomedical sciences.
The partnership with PIF is expected to boost Visionary’s brand and present a strong opportunity for future development, driving growth in both market value and industrial expansion.
Last month, Visionary Holdings reported FY24 net income of $0.97 million, compared to a loss of $3.57 million last year. Revenues increased by 11.2% to $9.4 million.
The company holds over 100 patents and intellectual property rights and has wholly-owned subsidiaries in the U.S., Malaysia, and China.
Price Action: GV shares are up 202% at $6.13 at the last check Thursday.
Image: Shutterstock/ MD Duran
Posted In: GV
