News

Introduction 

With reference to the announcement made on 14 November 2013, the Company wishes to inform that today, its wholly owned subsidiary, Prestariang O&G Sdn. Bhd. (“POGSB” or “the Purchaser”) had aborted the proposed acquisition of Prestariang Academy Sdn. Bhd. (Company No. 1023720-U) (formerly known as Time Out Skills Academy Sdn. Bhd.) (“Termination”) via its letter of termination dated 1 April 2014 sent to Badrinna Binti Suhaili, Lokman Bin Ab Majid and Iryan Bin Suhaili (“the Vendors”). 

Reasons of the Termination 

The Termination was due to non-fulfilment of the conditions precedent by the Vendors as stated in the Sale and Purchase of Shares Agreement (“the Agreement”) entered between POGSB and the Vendors. 

Following the Termination, the name of Prestariang Academy Sdn Bhd is proposed to be reverted to Time Out Skills Academy Sdn. Bhd., subject to the approval of the Companies Commission of Malaysia.  

Financial effects 

Upon the termination of the Agreement, by notice in writing to the Vendors within seven (7) days from the date of the notice, the Vendors are required:-  

(a) to forthwith return the deposit amounting to RM128,000 to the Purchaser free of interest; and  

(b) to pay the Purchaser an agreed liquidated damages. 

Hence, the Termination is not expected to have any material effect on the earnings and net assets of Prestariang for the financial year ending 31 December 2014. 

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 Termination. 

Statement by Directors 

The Board of Directors of Prestariang, having considered all aspects of the Termination, is of the opinion that the Termination is in the best interest of the Company. 

This Announcement is dated 1 April 2014.