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Shareholders approve Masterskill sales
by Cals Sat 20 Jun 2015, 23:25
Shareholders approve Masterskill sales
Saturday, 20 June 2015KUALA LUMPUR: Masterskill Education Group Bhd (MEGB) shareholders have approved the disposal of two properties in Selangor and Johor to Brilland Property Sdn Bhd, a company controlled by MEGB major shareholder and executive director, Siva Kumar M. Jeyapalan, for RM79.7mil cash.
“The proceeds would be used to pare down borrowings and fund its business capital in a bid to turn around MEGB's Asia Metropolitan University (AMU),” MEGB executive director, Datuk R. Palan, told reporters after the company's extraordinary general meeting here yesterday.
Of the RM79.7mil, the group has allocated RM26.7mil to reduce its debts, which is expected to result in interest savings of RM1.4mil per year and RM53mil will be channelled towards operating, administrative and marketing expenses.
Palan said the group has six more properties – two in Kota Kinabalu and one each in Kota Baharu, Ipoh, Cheras and Kuching -- which will be disposed of soon.
“We are still looking for potential buyers for them, but are not rushing now. We had given ourselves 12 months to turn around AMU,” he said.
Palan said he was “cautiously optimistic” to turn around MEGB. – Bernama
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