Disposal of Investment

RNS Number : 8978E

AEC Education plc

15 April 2014

 



AEC Education PLC

("AEC" or "the Company")

Disposal of Investment

The Board of AEC announces that its subsidiary, AEC College Pte Ltd has entered into a Sale and Purchase Agreement with MAA Corporation Sdn Bhd of Malaysia for the sale of its 30% shareholdings in Keris Murni Sdn Bhd and Pusat Tiusyen Kasturi Sdn Bhd for a total consideration of RM1.6m.  The completion date shall be within 7 working days from the date of signature, and a further announcement will be made at that time.

The purchase cost of these investments to AEC College Pte Ltd was SGD362,540 and the sale proceeds amount to approximately SGD613,027 (RM1.6m @ SGD 1 = RM2.60). The gross capital gain expected to result from the sale therefore amounts to SGD 250,487 and the impact upon future net earnings  and cashflow of the Company to be approximately £40k per annum.

It is intended that the proceeds will be used as working capital for. amongst other things, the Company's operations in Singapore.

Enquiries:

AEC Education PLC

Liam Swords                                                                                       Tel: [phone]

WH Ireland Limited (NOMAD)                                                           Tel: [phone]

Andrew Kitchingman

 

END

 

 

DISEADLSFSSLEFF