Malaysia-based private equity firm Navis Capital Partners on Monday said it sold PT Efficient English Services, the operator of Wall Street Institute in Indonesia, to Pearson PLC for $16.3 million.

This marks Navis' fifth sale of a portfolio company in the last eight months, and the second involving a company with substantial Indonesian exposure, following the sale of King's Safetywear in December last year.

The sale of Efficient English presents a 10-fold return for Navis since it set up the English-language education business in Indonesia in 2007 for about $1.5 million, according to Navis.

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