Last checked at 20 Jan 2010 12:07
AEC
AEC Education plc
("AEC" or "the Group")
Board Appointments
AEC, the provider of educational courses and examinations in Asia and the UK, is delighted to announce two changes to the Board, which take immediate effect. Naresh Malhotra, Executive Director, has been appointed as Deputy Chief Executive and Haider Sithawalla has been appointed as Group Finance Director.
These appointments reflect the ongoing development of AEC, which has grown significantly over the last two years, both by acquisition and organically. AEC's acquisition of Malvern House Group Limited ("Malvern House"), the London-based educational courses provider, completed in the summer of 2009 represented a key step forward in the Group's growth, adding critical mass and strategically linking AEC's pan-Asian operations to the UK.
Naresh Malhotra was appointed to the Board as an Executive Director in July 2009, following the acquisition of Malvern House, which Naresh co-founded and developed as a highly regarded provider of English Language Learning and Business courses for international students. As Deputy Chief Executive, Naresh will retain his responsibilities as chief executive of Malvern House, directing its expansion both in the UK and overseas. He will also be responsible for AEC's newly created international development and marketing operations as well as the development of the Group's operational systems.
Haider has been an important member of AEC's senior management team and is an Executive Director of AEC Edu Group Pte Ltd, the parent company of the Group's overseas operations. Based in Singapore, Haider is a Director of a number of publicly listed and private companies, having previously been Managing Director of ACMA Ltd. Prior to this, Haider was a senior member of the Singapore Civil Service, as Deputy Secretary and Singapore High Commissioner (non-resident) to Mauritius, Tanzania and Zimbabwe.
Liam Swords, Chairman of AEC, commented,
"I am delighted to announce the appointment of Naresh Malhotra as Deputy Chief Executive and Haider Sithawalla as Group Finance Director. These moves reflect the successful expansion of AEC over the last two years. Looking forward, we have ambitious growth plans for the Group and both Naresh and Haider will play important roles in AEC's continuing development."
The following information is disclosed pursuant to the AIM Rules for Companies:
Haider Mohamedally Sithawalla, aged 76, has an interest in 19,000 ordinary shares of 10p each in the capital of AEC ("Ordinary Shares"), representing 0.04% of the Group's issued share capital, which are held in his wife's name. He also holds approximately 8.3% of KSP Investments Pte Ltd, which itself holds 11,035,037 Ordinary Shares, representing 24.97% of AEC's issued share capital.
He also has an interest in 175,000 options over new Ordinary Shares exercisable at 10p per share and 300,000 options exercisable at 17.2p per share.
He is currently a director of the following companies:
AEC Edu Group pte Ltd
DMA Technologies Pte Ltd
Eastcom Systems Pte Ltd
Edutech Informatics India Ltd
Edutech Investments (India) Pte Ltd
KSP Holdings Ltd
KSP Investments Pte Ltd
KSP Logistics Ltd
Premier Travel (GSA) Pte Ltd
Pteris Global Limited
Sara Fund Trustee Co Ltd
Savant Infotech Pte Ltd
Savant Infotech Solutions Pte Ltd
Warees Investments Pte Ltd
Windmill International Pte Ltd
For further information on AEC, please visit www.aeceducationplc.co.uk
Enquires:
| AEC Education plc | Tel: +44 (0) 20 8308 1202 | |
| Liam Swords | ||
| WH Ireland Limited (NOMAD & Broker) | Tel: +44 (0)161 832 2174 | |
| Adrian Kirk | ||
| Stuart Forshaw | ||
| Biddicks | Tel: +44 (0) 20 7448 1000 | |
| Katie Tzouliadis | ||
| Sophie Lane |