Masterskill Education Group sees new substantial shareholder

KUALA LUMPUR: Masterskill Education Group Bhd (MEGB) reported that Siva Kumar s/o M. Jeyapalan has emerged as a substantial shareholder in the education group.

A filing showed he acquired 41.20 million shares or a 10.05% stake on Wednesday, Oct 5. The share price closed at RM1.09.

His emergence as a substantial shareholder could be linked to an acquisition undertaken by MEGB on March 21 when the MEGB acquired two companies -- Unihealth (M) Sdn Bhd (UMSB) and Unihealth Education Group Sdn Bhd (UEGSB) – for RM3 million cash.

The companies were acquired from Siva Kumar and Ching Koon Kah @ Chin Kon Kah.

UMSB had an authorised share capital of RM100,000 comprising 100,000 ordinary shares of RM1 each of which RM10.00 had been issued and fully paid-up. The intended principal activity of UMSB was to provide education and management of education; to establish, manage and operate nursing academy; and provision of basic and advance nursing training.

UEGSB had an authorised share capital of RM100,000 comprising 100,000 ordinary shares of RM1 each of which RM10 had been issued and paid-up. The intended principal activity of UEGSB was the provision of medical, clinical, health care services and nursing home.

MEGB had then said the rationale for the acquisition was in line with the expansion of MEGB group’s future expansion plan and to contribute to a more organised corporate structure of the group.