News

(1) INTRODUCTION
 

• The Board of Directors of Prestariang is pleased to announce that Prestariang Systems Sdn. Bhd. (“PSSB”), a wholly-owned subsidiary of the Company had on 30 June 2011 entered into a MOU on the development of Islamic Finance Certification with International Islamic University Malaysia (“IIU”), through its lawful representative, IIUM Institute of Islamic Banking and Finance (“IIBF”).

• IIU, an International Islamic Institution of Higher Learning, was incorporated in Malaysia under the Companies Act, 1965 and is having its address at Jalan Gombak, 53100 Kuala Lumpur.

• IIBF was established in September 2004 as a centre of excellence for education and research in Islamic banking and finance. IIBF is striving to provide quality education and produce competent graduates and scholars who have both the knowledge of Shari’ah and the modern knowledge of economics, finance, management, accounting and other social aspects, promoting theoretical and applied research on Islamic banking and finance and cooperates with industry to develop Islamic financial instruments and products.

• The objective of the MOU is to strengthen, promote and develop Islamic Finance Certification co-operation between IIU and Prestariang on the basis of equality and mutual benefit.

• The Company and IIU have agreed to take the necessary steps to encourage and promote co-operation in the following areas:-
  (a) In the area of Islamic Finance with the aim to develop Islamic Finance Certificate for Prestariang; and
  (b) Any other areas of co-operation in relation to the development of Islamic Finance Certification to be mutually agreed upon by the Company and IIU.

• The MOU will not give rise to any financial obligation by the Company to IIU and vice versa. Each party will bear its own cost and expenses in relation to this MOU.

• The protection of intellectual property rights shall be enforced in comformity with Malaysian laws, rules and regulations of the Company and IIU and with other international agreement signed by the Company and IIU.

•  The MOU is consistent with Prestariang’s core business, which is to train and certify lifelong learners to become professionals.

• The MOU is not expected to have any material effect on the earnings, net assets and gearing of BASWELL for the financial year ending 31 December 2011. However, the MOU may contribute positively to the future earnings of Prestariang.

•  The MOU will not have any effect on the issued and paid-up share capital of the Company as well as its substantial shareholder’s shareholdings.

• None of the Directors and major shareholder(s) of Prestariang or any persons connected to them has any interest, direct and indirect in the MOU.

• The Board of Directors of Prestariang is of the opinion that the MOU is in the best interest of the Company.

• The MOU not subject to the approval of the shareholders of the Company or any regulatory authorities.

• The MOU is available for inspection at the registered office of the Company at Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur during normal business hours from Monday to Friday for a period of one (1) month from the date of this announcement.

This announcement is dated 7 July 2011.