By Edna Mwende
Makini Junior Academy’s new management-Scholé Limited-has informed parents that its State House Avenue campus will be moved to another part of the city which will likely lead to an increase in fees since the school’s Founder Ms. Okello plans to put the building into other use.
The management has however laid out alternatives for parents as reported by Business Daily that includes building new structures and renting them to the company, which acquired the group of schools last year at nearly Sh1 billion.
“A consortium of parents could choose to be our property partner. You could get together and create a fund to buy a property, which you then rent to the school affordably,” reads a brief from the school dated June 7 and addressed to parents, as quoted by the Business Daily.
The management also adds that if they buy a property for Ksh850 million, which would be a good price for the area, they would require a rent of Sh68 million which is Ksh226,700 per child. The management therefore proposes an increase of Ksh10,000 a year extra for every child to go towards paying rent.
“We are committed to consultation with parents and value your opinion. We are open to fully exploring any other options you might propose to help us find the best possible solution,” said the management as quoted by the Business Daily.
The parent’s brief indicated that the Okello family may have retained ownership of the land and its buildings while the new owners pay them rent.
The Okello family according to the news report sold a 71 percent stake of the schools to Scholé Limited and South Africa’s Johannesburg Stock Exchange (JSE)-listed AdvTech, which can only secure funds for investment if they can demonstrate that they are delivering a return, to satisfy their shareholders.
The news article by the local daily states that parents now have until June 23 to give their views on the situation.