News

1. INTRODUCTION

Further to our announcements dated 8 March 2018 and 15 May 2018, the Company is pleased to announce that following the Memorandum of Understanding (“MOU”) entered between the Company and Perbadanan Tabung Pendidikan Tinggi Nasional (“PTPTN”) on 8 March 2018, PSSB, a wholly-owned subsidiary of the Company had on today, entered into a JobMatching PTPTN Program Implementation Agreement (“the Agreement”) with PTPTN.

(PTPTN and PSSB shall hereinafter be collectively referred to as “Parties” and  individually referred to as “Party”).

2. DETAILS OF THE AGREEMENT

2.1 BACKGROUND

As announced by the Company on 8 March 2018, Prestariang and PTPTN had entered into the MOU with regards to cooperation and collaboration in relation to students engagement and employability; in particular for the management of digital ID, student borrowers engagement and related services.

The collaboration will be through a pilot borrowers’ employability programme called “JobMatching PTPTN” (“the Programme”) targeted at upskilling current PTPTN borrowers to the job market through “Place and Train” model. The ‘Place & Train’ model will include job matching to industry requirements through talent profiling and a series of soft skills and communications training.

The Agreement is entered into between the Parties to record the Parties' mutual agreement with respect to the implementation of the Programme and shall supersede the MOU.

2.2 SALIENT TERMS

2.2.1    Pursuant to the Agreement, PTPTN appoints PSSB to perform the following: -

i)       communicate and engage with PTPTN’s existing and targeted student borrowers to drive the success of the Programme;

ii)      organise the identified upskilling trainings by utilising EduCloud, an Integrated Education Platform (IEP) owned by Prestariang as the digital talent platform to assist PTPTN to engage their student borrowers and other stakeholders to drive engagement and employability;

iii)     liaise with key industry players on their requirements, training coordination, monitoring and evaluation;

iv)      conduct screening of candidates to participate as Programme participants and perform profiling, placement and training of Programme participants;

v)       arrange suitable soft skill and/or technical skills trainings to Programme participants to ensure that the training programme under the Programme can be delivered in accordance with the terms and conditions of the Agreement;

vi)      to assist and match Programme participants in securing employment;

vii)   the management of PTPTN borrower’s digital ID and engagement and related services.

2.2.2    The tenure of the Agreement shall be one (1) year commencing from 26 July 2018 and shall expire on 25 July 2019, unless earlier terminated. The Agreement may be extended by mutual agreement in writing of both Parties.

2.2.3    The Agreement does not specify the total contract price. PTPTN shall grant financial assistance up to RM2,000.00 to each eligible Programme participants. For the training which fees exceeding RM2,000.00, the granting of educational loans to the Programme participants will be considered subject to the terms and conditions as imposed by PTPTN.

3. EFFECTS ON FINANCIAL, SHARE CAPITAL AND SUBSTANTIAL SHAREHOLDERS’ SHAREHOLDINGS

The Agreement is expected to contribute positively to the future earnings, net tangible assets and gearing of Prestariang Group. The Agreement will not have any effect on the share capital and substantial shareholders’ shareholding of Prestariang.

4. RISKS

The Agreement will be subjected to the usual project and termination risks. However, the Board and the management of Prestariang endeavour to take the necessary steps to minimise or mitigate any risks that may arise pursuant to the Agreement as and when it occurs.

5. DIRECTORS’ AND/OR SUBSTANTIAL SHAREHOLDERS’ INTEREST

None of the Directors and/or substantial shareholders or any person connected to the Directors and/or substantial shareholders of Prestariang has any interest, either direct or indirect in the Agreement.

6. DIRECTORS’ STATEMENT

The Board is of the opinion that the Agreement is in the best interest of Prestariang Group.