Acquisition

25 Apr 2008 15:22

AEC Education plc25 April 2008 25 April 08 AEC Education plc ("AEC" or "the Company") Announcement: Acquisition of a 30% stake in IMS Professional Training Services Sdn Bhd. AEC is pleased to announce that on 15 April 2008, the Company through its whollyowned subsidiary, AEC Edu Group Pte Ltd, acquired a 30% stake in IMSProfessional Training Services Sdn. Bhd. ("IMS") for MYR 113,143 (£18,243). Theconsideration was settled by a forgiveness of debt owed by IMS to AEC. The audited Accounts for the period ended 31 December 2007 of IMS showed revenueof MYR 748,929 (£120,758) and post-tax loss of MYR 23,958 (£3,863). IMS runs the Institute of Management Studies - www.kasturi.edu.my. The Institute of Management Studies is one of the five approved institutions toprovide the prestigious, globally-recognized Certified Financial Planner (CFP)program in Malaysia. This program is run in both class-room and online deliverymodes. IMS also run a Masters of Science in Management and Accounting & Planningin collaboration with University Utara Malaysia. The online delivery, combined with the Management Contract also announced todayopens up new opportunities for AEC and this acquisition provides a resource thatcan develop into other areas of the AEC portfolio in the future. IMS occupies office space of about 5,000 sq.ft in the heart of Kuala Lumpur,near the famous central market. This purchase is a continuation of the AEC strategy to acquire and develop smallto medium size synergistic organizations that can quickly contribute to profitand growth. Exchange rate £1 = 6.20192 MYR - END - For further information please visit www.aeceduplc.co.uk or enquire to: Mr David HoAEC Edu Group Pte LtdTel: (65) 64120718Email: davidho@aec.edu.sg Nabarro Wells & Co LimitedTel: +44 (0) 20 7634 4700David Nabarro, Natasha Reed This information is provided by RNS The company news service from the London Stock Exchange