Business
Acquisition
Acquisition.
About this update from Malvern International Plc
[{"type":"text","content":"\n RNS Number : 7214A AEC Education plc 14 October 2009 \n \n14 October 2009\nAEC\n\nAEC Education plc\n(\"AEC\" or \"the Company\")\n\nAcquisition of Malaysian Educational Companies, \nIMS Professional Training Services Sdn Bhd \nand \nKasturi Management Consultancy Sdn Bhd\n\nAEC, the educational programmes and examinations provider, is pleased to announce that it has acquired the remaining balance of shares it does not already own in IMS Professional Training Services Sdn Bhd (\"IMS\") and Kasturi Management Consultancy Sdn Bhd (\"Kasturi\"), the educational institutes based in Malaysia. The balance of shares, totalling 70% of the issued share capital of IMS and Kasturi, has been acquired for a total consideration of approximately £442,000 (MYR 2,400,000) in cash. An initial 10% of the consideration has been paid, with the balance payable on completion, within 60 days from the date of the agreement of the acquisition. \n\nThis transaction follows AEC's announcement on 25 April 2008 that the Company had acquired a 30% stake in IMS and Kasturi through its wholly owned subsidiary, AEC Edu Group Pte Ltd.\n\nThe acquisition of the balance of shares in IMS and Kasturi makes them wholly-owned subsidiaries of the Company and is in line with the Board's objective to accelerate the expansion of AEC through complementary and easily integrated acquisitions. The move also better positions AEC to take advantage of high growth opportunities within the Malaysian education sector. \n\nKasturi owns Kolej Kasturi (\"KK\"), a leading provider of professional and business programmes in Malaysia. KK offers Association of Certified Chartered Accounts (\"ACCA\") and Certified Accounting Technician (\"CAT\") accounting programmes and a range of English Language training programmes.\n\nIMS runs the Institute of Management Studies, one of the five approved institutions in Malaysia to provide the prestigious, globally-recognised Certified Financial Planner (CFP) programme in the country. This programme is offered in the classroom and on online. IMS also runs a Master of Science in Management and Accounting & Planning in collaboration with Universiti Utara Malaysia.\n\nThe unaudited management accounts for the eight months to 31 August 2009, showed ...