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Introduction

That pursuant to Paragraph 9.19(23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Prestariang wishes to inform that Prestariang O&G Sdn. Bhd., a wholly-owned subsidiary of the Company had on 14 November 2013 entered into a Sale and Purchase of Shares Agreement with Badrinna Binti Suhaili, Lokman Bin Ab Majid, Iryan Bin Suhaili and Time Out Skills Academy Sdn. Bhd. (Company No. 1023720-U) (“TOS”) for the acquisition of 240,000 ordinary shares of RM1.00 each fully paid-up in the capital of TOS, representing 80% equity interests in TOS at a total purchase consideration of RM640,000/-. (“Acquisition”).

Following the Acquisition, TOS became a 80% - subsidiary of Prestariang O&G Sdn. Bhd. The name of TOS is proposed to be changed to Prestariang Academy Sdn. Bhd., subject to the approval of the Companies Commission of Malaysia.

Introduction

TOS was incorporated as a private company limited by shares. The authorised share capital of TOS is RM500,000/- divided into 500,000 ordinary shares of RM1.00 each. The present issued and paid-up share capital of TOS is RM300,000/- divided into 300,000 ordinary shares of RM1.00 each. TOS is engaged in the business of training, technical skill courses that provides professionals and management consultancy services for training in the oil and gas sector.

Basis of arriving at the purchase consideration

The purchase consideration was arrived at on the basis of a willing seller and a willing buyer.

Source of funding

The purchase consideration is to be satisfied entirely by cash.

Rationale of the Acquisition

The Acquisition is intended for Prestariang’s future growth, focusing on business in providing skills training programs and high quality education inter alia operation and maintenance technician, pipefitters, control and automation technician, offshore catering crews, riggers, and roustabouts, materials planner / controller and mechanics / millwright in relation to the oil and gas and related industry.

Financial effects

The Acquisition is not expected to have any material effect on the earnings and net assets of Prestariang for the financial year ending 31 December 2013.

Directors’ and major shareholders’ interest

None of the Directors and major shareholders of Prestariang and / or persons connected to them have any interest, direct or indirect in the Acquisition.

Statement by Directors

The Board of Directors of Prestariang, having considered all aspects of the Acquisition, is of the opinion that the Acquisition is fair and reasonable and is in the best interest of the Company.

This Announcement is dated 14 November 2013.

Type	Announcement
Subject	OTHERS
Description	PRESTARIANG BERHAD (“PRESTARIANG” OR THE “COMPANY”) - ACQUISITION OF ORDINARY SHARES IN TIME OUT SKILLS ACADEMY SDN. BHD
Introduction That pursuant to Paragraph 9.19(23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Prestariang wishes to inform that Prestariang O&G Sdn. Bhd., a wholly-owned subsidiary of the Company had on 14 November 2013 entered into a Sale and Purchase of Shares Agreement with Badrinna Binti Suhaili, Lokman Bin Ab Majid, Iryan Bin Suhaili and Time Out Skills Academy Sdn. Bhd. (Company No. 1023720-U) (“TOS”) for the acquisition of 240,000 ordinary shares of RM1.00 each fully paid-up in the capital of TOS, representing 80% equity interests in TOS at a total purchase consideration of RM640,000/-. (“Acquisition”). Following the Acquisition, TOS became a 80% - subsidiary of Prestariang O&G Sdn. Bhd. The name of TOS is proposed to be changed to Prestariang Academy Sdn. Bhd., subject to the approval of the Companies Commission of Malaysia. Introduction TOS was incorporated as a private company limited by shares. The authorised share capital of TOS is RM500,000/- divided into 500,000 ordinary shares of RM1.00 each. The present issued and paid-up share capital of TOS is RM300,000/- divided into 300,000 ordinary shares of RM1.00 each. TOS is engaged in the business of training, technical skill courses that provides professionals and management consultancy services for training in the oil and gas sector. Basis of arriving at the purchase consideration The purchase consideration was arrived at on the basis of a willing seller and a willing buyer. Source of funding The purchase consideration is to be satisfied entirely by cash. Rationale of the Acquisition The Acquisition is intended for Prestariang’s future growth, focusing on business in providing skills training programs and high quality education inter alia operation and maintenance technician, pipefitters, control and automation technician, offshore catering crews, riggers, and roustabouts, materials planner / controller and mechanics / millwright in relation to the oil and gas and related industry. Financial effects The Acquisition is not expected to have any material effect on the earnings and net assets of Prestariang for the financial year ending 31 December 2013. Directors’ and major shareholders’ interest None of the Directors and major shareholders of Prestariang and / or persons connected to them have any interest, direct or indirect in the Acquisition. Statement by Directors The Board of Directors of Prestariang, having considered all aspects of the Acquisition, is of the opinion that the Acquisition is fair and reasonable and is in the best interest of the Company. This Announcement is dated 14 November 2013.

Company Name	PRESTARIANG BERHAD
Stock Name	PRESBHD
Date Announced	14 Nov 2013
Category	General Announcement
Reference No	CS-131114-84AB1

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