Management Contract

25 Apr 2008 15:23

AEC Education plc25 April 2008 25 April 08 AEC Education plc ("AEC" or "the Company") Announcement Management Contract AEC Edu Tech Sdn. Bhd., a wholly owned subsidiary of AEC Edu Group Pte Ltd whichin turn is a wholly owned subsidiary of the Company, has, on 15 April, 2008entered into a Management Contract with Kasturi Management Consultancy Sdn. Bhd.("Kasturi") and IMS Professional Training Services Sdn. Bhd. ("IMS") wherebyKasturi and IMS will pay an annual management services fee of MYR 60,000 peryear or 20% of the combined profits of Kasturi and IMS, whichever is higher, forthe next 4 years with effect from June 2007. This Management Contract coincides with the acquisition by AEC of 30% of both ofthese organizations also announced today and opens the opportunity for theprovision of the AEC Diploma and Degree courses offered in Singapore to beimplemented in Malaysia. It will also provide opportunities to cross-fertilizethe teams in both countries to build more comprehensive marketing and studentrecruitment strategies. - 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 4700 David Nabarro, Natasha Reed This information is provided by RNS The company news service from the London Stock Exchange