Last checked at 15 Apr 2014 14:57
AEC Education PLC
("AEC" or "the Company")
Disposal of Investment
The Board of AEC announces that its subsidiary, AEC College Pte Ltd has entered into a Sale and Purchase Agreement with MAA Corporation Sdn Bhd of Malaysia for the sale of its 30% shareholdings in Keris Murni Sdn Bhd and Pusat Tiusyen Kasturi Sdn Bhd for a total consideration of RM1.6m. The completion date shall be within 7 working days from the date of signature, and a further announcement will be made at that time.
The purchase cost of these investments to AEC College Pte Ltd was SGD362,540 and the sale proceeds amount to approximately SGD613,027 (RM1.6m @ SGD 1 = RM2.60). The gross capital gain expected to result from the sale therefore amounts to SGD 250,487 and the impact upon future net earnings and cashflow of the Company to be approximately £40k per annum.
It is intended that the proceeds will be used as working capital for. amongst other things, the Company's operations in Singapore.
Enquiries:
AEC Education PLC
Liam Swords Tel: +44 (0) 7725 836811
WH Ireland Limited (NOMAD) Tel: +44 (0) 113 394 6600
Andrew Kitchingman