AEC College in Singapore

RNS Number : 6323Z

AEC Education plc

10 February 2014

 



AEC Education PLC

("AEC" or the "Company")

AEC College in Singapore

Further to the announcement made by the Company on 13 January 2014, following the assessment by Singapore's Council of Private Education ("CPE") of AEC's college in Singapore relating to the reinstatement of its EduTrust certificate, CPE has concluded that AEC did not meet all of the criteria for reinstatement of the certificate.  AEC can choose to reapply and the Board is currently reviewing the requirements to be met and the potential financial impact on the Company before applying for reassessment.

In the meantime the Board has decided to relocate the financial and administration functions for the region to Kuala Lumpur where they already have a presence under the brand Malvern International.  In addition, the Company is undertaking a restructuring of its Sales and Marketing so that responsibility for Eastern Europe, Western Europe and South America will be centred in London, and responsibility for Africa, the Middle East and Asia will be centred in Kuala Lumpur. The Board expects these changes to provide cost benefits to the AEC group as well as allowing greater focus on regional revenue growth and profit objectives.

For more information please contact:

Enquiries:

AEC Education PLC Tel: [phone]       Liam Swords WH Ireland Limited (NOMAD) Tel: [phone] Dan Bate/Andrew Kitchingman Biddicks Tel: [phone] Katie Tzouliadis

 

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