AEC Education plc Disposal of Investment (8978E)
April 15 2014 - 9:57AM
UK Regulatory
TIDMAEC
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 GBP40k 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: +44 (0) 7725 836811
WH Ireland Limited (NOMAD) Tel: +44 (0) 113 394 6600
Andrew Kitchingman
This information is provided by RNS
The company news service from the London Stock Exchange
END
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