Alpha DX to manage and establish university in Uzbekistan via a joint venture

LEARNING solutions company Alpha DX VVL : VVL 0% said on Wednesday that it will, together with the Ministry of Higher and Secondary-Specialized Education of the Republic of Uzbekistan (MHSSE) be injecting some US$50 million into a joint venture (JV) for the development and growth of a university in Uzbekistan.

This is the company's first public and private partnership, and is part of an memorandum of understanding (MOU) signed between the company and MHSSE.

Under the MOU, Alpha and MHSSE will establish a joint venture with the primary purpose of establishing and managing the the Asnaro University of Uzbekistan (AUU), a university that will be fully integrated with the ubiquitous learning platform developed by Alpha DX's subsidiaries.

The scope of the joint venture may in future be expanded to include the transformation of the entire public education system of Uzbekistan, said the company in a bourse filing.

Scheduled to open in the third quarter of 2022, AUU will have two campuses in Uzbekistan with the main campus located in Tashkent, the capital city of Uzbekistan, and the second campus located in Andijan, the administrative, economic and cultural centre of Andijan Region.

Alpha DX's chief executive Daiji Yamada in a statement that he expects the JV to help facilitate the development of the company's existing pipeline of project opportunities and prospective projects for further diversification and growth.

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Formerly known as Alpha Energy, the group transformed itself in January 2021 with fund raising and restructuring initiatives under the leadership of technology and financial veterans in the learning and education industry.

Shares of AlphaDX ended Wednesday at 33.5 Singapore cents, up three cents or 9.8 per cent.