AEC Education plc
("AEC" or "the Company")
Announcement: Acquisition of a 30% stake in
Kasturi Management Consultancy Sdn. Bhd ("Kasturi")
AEC is pleased to announce that on 15 April 2008, the Company, through its wholly owned subsidiary,
AEC Edu Group Pte Ltd, acquired a 30% stake in Kasturi for MYR 416,571 (£67,168). The consideration
was settled by a forgiveness of debt owed by Kasturi to AEC.
The audited Accounts of Kasturi for the period ended 31 December 2007 showed revenue of MYR 5,339,821
(£860,994) and operating profit before tax of MYR 164,606 (£26,541). After accounting for interest
(MYR 7,918) and the write off of goodwill (MYR 721,800), Kasturi recorded a loss of MYR 565,112 (£91,119).
Kasturi owns Kolej Kasturi ("KK") www.kasturi.edu.my, a leading provider of professional and business
programs in Malaysia. KK offers ACCA and CAT accounting programs and a range of English Language training
KK's focus on ACCA coincides with the introduction of ACCA courses in AEC in Singapore. The synergies
arising from operating the programmes in Malaysia and Singapore combined with the Management Contract also
announced today provides opportunities for growth and profit from these programmes within the AEC Group.
Kasturi occupies an office of about 12,000 sq.ft in the heart of Kuala Lumpur, near the famous central market.
This purchase is a continuation of the AEC strategy to acquire and develop small to medium size synergistic
organizations that can quickly contribute to profit and growth.
Exchange rate £1 = 6.20192 MYR
- END -
For further information please visit www.aeceduplc.co.uk or enquire to:
Mr David Ho
AEC Edu Group Pte Ltd
Tel: (65) 64120718