MEGB (5166) : SMRT offers 60 sen a share to MEGB main shareholder
SMRT Holdings Bhd, through Strategic Ambience Sdn Bhd (SASB) in collaboration with Rahpia Ltd, has offered 60 sen a share to Siva Kumar Jeyapalan for his 123.66 million shares or 32.9% stake in Masterskill Education Group Bhd (MEGB).
The offer is conditional upon the satisfactory outcome of a due diligence review on MEGB and Siva Kumar has generally accepted the offer, SMRT’s exchange filing yesterday noted.
SASB and Rahpia will be paying RM74.19 million for the stake. As it stands, Rahpia holds a 16.26% stake in MEGB as of Nov 10, 2014, and is a wholly owned subsidiary of Creador II LLC.
“The board of directors of MEGB have been informed of the undertaking and a request was submitted by the acquirers for the conduct of due diligence on Masterskill and its material subsidiaries.
“The board has accepted the request for due diligence for a period not exceeding 30 days from the date of approval by the board with a further period of 15 days upon a request by the acquirers,” a SMRT statement noted.
The offer will see both SASB and Rahpia’s collective shareholding in MEGB rise to 49.16%, thus triggering a mandatory takeover offer.
The offerers have agreed that upon a successful deal, SMRT’s stake in MEGB shall not exceed 23%.
SMRT chairman and CEO Datuk R Palan, when contacted yesterday, said the company saw a tremendous opportunity for its medical and allied health science courses offerings upon the completion of the acquisition.
“The potential acquisition is in line with our strategic plans and growth path,” he told The Malaysian Reserve yesterday.
SMRT believes MEGB can become an earnings-generating asset despite the target company’s current financial situation.
With SMRT’s expertise and experience in talent acquisition and running relevant programmes, it is confident of turning around the target company in partnership with Creador while maintaining high corporate governance standards, the exchange filing said.
The Malaysian Reserve
SMRT Holdings Bhd, through Strategic Ambience Sdn Bhd (SASB) in collaboration with Rahpia Ltd, has offered 60 sen a share to Siva Kumar Jeyapalan for his 123.66 million shares or 32.9% stake in Masterskill Education Group Bhd (MEGB).
The offer is conditional upon the satisfactory outcome of a due diligence review on MEGB and Siva Kumar has generally accepted the offer, SMRT’s exchange filing yesterday noted.
SASB and Rahpia will be paying RM74.19 million for the stake. As it stands, Rahpia holds a 16.26% stake in MEGB as of Nov 10, 2014, and is a wholly owned subsidiary of Creador II LLC.
“The board of directors of MEGB have been informed of the undertaking and a request was submitted by the acquirers for the conduct of due diligence on Masterskill and its material subsidiaries.
“The board has accepted the request for due diligence for a period not exceeding 30 days from the date of approval by the board with a further period of 15 days upon a request by the acquirers,” a SMRT statement noted.
The offer will see both SASB and Rahpia’s collective shareholding in MEGB rise to 49.16%, thus triggering a mandatory takeover offer.
The offerers have agreed that upon a successful deal, SMRT’s stake in MEGB shall not exceed 23%.
SMRT chairman and CEO Datuk R Palan, when contacted yesterday, said the company saw a tremendous opportunity for its medical and allied health science courses offerings upon the completion of the acquisition.
“The potential acquisition is in line with our strategic plans and growth path,” he told The Malaysian Reserve yesterday.
SMRT believes MEGB can become an earnings-generating asset despite the target company’s current financial situation.
With SMRT’s expertise and experience in talent acquisition and running relevant programmes, it is confident of turning around the target company in partnership with Creador while maintaining high corporate governance standards, the exchange filing said.
The Malaysian Reserve
