1. INTRODUCTION
The Board of Directors of PRESBHD wishes to announce that PRESBHD had on 21 March 2012 acquired two (2) ordinary shares of RM1.00 each in Prestariang Education Sdn. Bhd. (PESB), representing 100% of the total issued and paid-up share capital of PESB, for a total consideration of RM2.00 from Dr. Abu Hasan Bin Ismail and Hazrin Bin Haji Hatim (the Acquisition). Consequent thereto, PESB became a wholly-owned subsidiary of PRESBHD.
2. INFORMATION ON PESB
PESB was incorporated in Malaysia under the Companies Act, 1965 on 12 January 2005. The present authorised share capital of PESB is RM100,000.00 divided into 100,000 ordinary shares of RM1.00 each and the paid-up share capital is RM2.00 divided into 2 ordinary shares of RM1.00 each. PESB has not commenced any operation since incorporation.
3. RATIONALE FOR THE PROPOSED ACQUISITION
Pursuant to the Acquisition, PESB becomes a wholly own subsidiary of PRESBHD. The acquisition is in line with the expansion strategy of Prestariang Group and represents a good opportunity for the Group to leverage its core competencies in the provision of ICT training and certification to become the premier education provider for Malaysia and global market.
4. FINANCIAL EFFECTS
The Acquisition is not expected to have any material effect on the earnings or net assets of PRESBHD.
5. DIRECTORS’ AND MAJOR SHAREHOLDERS’ AND/OR PERSONS CONNECTED WITH A DIRECTOR OR MAJOR SHARHOLDER’S INTERESTS
Save as disclosed below, none of the other Directors and/or major shareholders of PRESBHD and/or persons connected to them has any interest, direct or indirect, in the Acquisition.
Dato’ Mohamed Yunus Ramli Bin Abbas
- Director and shareholder of PRESBHD
- Director of PESB
Dr. Abu Hasan Bin Ismail
- Director and substantial shareholder of PRESBHD
- Director and substantial shareholder of PESB
Dato’ Loy Teik Ngan
- Director and shareholder of PRESBHD
- Director of PESB
Raja Azmi Bin Adam Nadarajan
- Director and shareholder of PRESBHD
- Director of PESB
6. STATEMENT BY THE BOARD OF DIRECTORS
The Board of Directors of PRESBHD is of the opinion that the Acquisition is in the best interest of PRESBHD and the Group.
This announcement is dated 21 March 2012.
