News

The Board of Directors of ASB wishes to announce that ASB had via its 70%-owned subsidiary, SKSB, entered into an agreement to acquire 100% equity interest in MCSB comprising 350,000 issued and fully paid-up ordinary shares of RM1.00 each for a cash consideration of RM1,100,000.00 (“Proposed Acquisition”) to be funded from internal resources and/or bank borrowing.

MCSB was incorporated in Malaysia on 13 November 1989 with an authorised share capital of RM500,000.00 divided into 500,000 ordinary shares of RM1.00 each of which 350,000 shares are issued and fully paid-up. MCSB currently owns and operates a language centre called ‘The Language House’ located in Petaling Jaya, Selangor Darul Ehsan.

The Proposed Acquisition is part of the Group’s expansion plans to invest in new businesses with growth potential.

The completion of the Proposed Acquisition is subject to among others the approval and consent from the Ministry of Education for the Proposed Acquisition. 

On completion of the Proposed Acquisition, MCSB will be a wholly-owned subsidiary of SKSB.

The Proposed Acquisition is not expected to have any material impact on the earnings per share and net assets per share of ASB Group for the financial year ending 31 December 2014.   

None of the directors, major shareholders and/or persons connected with the directors and major shareholders of ASB has any interest, direct or indirect, in the Proposed Acquisition.

This announcement is dated 10 December 2014.