Malvern International plc (AIM: MLVN), the global learning and skills development partner, announces the sale of its Malaysian business, which offers local diploma, vocational and professional courses, to AAA Management Science Academy PLT for a total cash consideration of MYR 400,000 (approximately £75,000).
The cash consideration will be payable over a 13 month period and will be used towards the repayment of an existing bank loan in Malaysia. The proposed transaction is expected to complete on 31 December 2019.
In the year to 31 December 2018, Malvern’s Malaysian business reported revenues of MYR 5.1 million and a loss before tax of MYR 1.7 million.
Sam Malafeh, CEO of Malvern, said:
“We are pleased to have agreed the sale of the Malaysian business, which will now allow us to focus on growing our core operations in the UK and Singapore.”