Business
Acquisition of SAA Global Education
Acquisition of SAA Global Education.
About this update from Malvern International Plc
[{"type":"text","content":"\n \nRNS Number : 6797U Malvern International PLC 26 October 2017 \n\n26 October 2017\n \nMALVERN INTERNATIONAL PLC\n(\"Malvern\" or the \"Company\")\n \nAcquisition of SAA Global Education \n \nMalvern International plc (AIM: MLVN), provider of educational services in the UK and Asia, is pleased to announce that it has today entered into a Sale and Purchase Agreement with the Institute of Singapore Chartered Accountants (\"ISCA\") to acquire the entire issued share capital of SAA Global Education Centre Pte. Ltd. (\"SAA-GE\") for a total consideration of Singapore Dollars (SGD) $500,000 to be satisfied by the issue of 5,630,350 new ordinary shares of 5p each in Malvern. Completion of the Sale and Purchase Agreement is expected to take place on 7 November 2017.\n \nSAA-GE has been a subsidiary of ISCA that provided commercial private education. It has a 30 year history of providing diploma, undergraduate, postgraduate and professional programmes in the accountancy, finance and business related disciplines. It offers preparatory courses leading to ATTS, ACCA, FIA/CAT, ICAEW and Singapore Chartered Accountant qualification, as well as degrees from Plymouth University and the University of London in the UK.\n \nSAA-GE has a reputation for providing high-quality, industry-recognised programmes that have also attracted international students from Japan, China, Vietnam and the Philippines. It continues to achieve high pass-rates and produces top-performing students and prize-winners for the ACCA and FIA/CAT programmes annually. SAA-GE has a four-year EduTrust Certification issued by the Committee for Private Education Singapore. Currently, it has more than 1000 students.\n \nThis acquisition will provide Malvern with fresh opportunities to reach and work with the large local partners, with a substantial student base of more than 1000 SAA-GE students and provide access to its highly qualified trainers and lecturers. It will also broaden and strengthen Malvern's platform as an international hub for accountancy and finance education, adding to the existing/upcoming offerings in Malaysia and London. \n \nFor its financial year ended 31 December 2016, SAA-GE reported a loss of SGD$1.8 million on revenues of SGD$5.7 million. As at 31 December 2016, SAAGE had net liabilities of SGD$0.9 million. \nAppl...