Churchlands-based education provider IBT Education Ltd has entered into an agreement with the former operator of China's IDP student recruitment agency, David Shi, to establish a new business called EduGlobal China Ltd.
EduGlobal will recruit students from the People's Republic of China on behalf of educational institutions in Australia, the United Kingdom and elsewhere, including colleges operated by IBT.
The company will be 55 owned by EduGlobal Pty Ltd, an IBT subsidiary, with the remainder being owned by interests associated with Mr Shi, who will work as the new company's chief executive. EGPL will pay a cash consideration of $3.8 million for its interest in EduGlobal.
The formation of EduGlobal follows IBT's announcement last year that it had entered into detailed discussions with Mr Shi to examine the development of this new business.
IBT chief executive Rod Jones said EduGlobal represented an outstanding opportunity to tap into the growing number of Chinese students travelling overseas to study.
"David's existing service agreement with IDP terminated on 4 August and David and I have agreed that EduGlobal should commence operations immediately."
"David has successfully operated the IDP student recruitment network in China for the past 14 years and with his enormous expertise and experience, we believe EduGlobal will make an immediate positive contribution to IBT's earnings."
Mr Shi was born and educated in China but moved to Australia in 1987 where he held a number of roles, including as a Senior Adviser to the NSW Government between 1990 and 1994.
Services offered by EduGlobal will include advising prospective students on educational opportunities, counselling students on appropriate educational institutions, assisting students with student enrolment applications and assisting students to arrange accommodation and prepare for living and studying outside China.
