Prestariang acquires OpenLearning Global shares

PETALING JAYA: Prestariang Bhd’s unit Prestariang Capital Sdn Bhd has entered into a subscription agreement with OpenLearning Global Pte Ltd (OGPL) and OGPL’s founder and group CEO Adam Maurice Brimo, to venture into higher education cloud-based markets domestically and regionally.
OGPL Group owns a leading-edge cloud-based software-as-a-service platform for learning management system and massive open online courses (MOOC) known as www.openlearning.com. As part of an internal restructuring exercise pursuant to the agreement, OGPL will own two wholly owned operational subsidiaries in Australia and Malaysia.
In a filing with Bursa Malaysia today, Prestariang said the agreement is for the subscription of up to five million new “A shares” and 3.07 million convertible preference shares of OGPL, which will be funded through internally generated funds and wholly satisfied in cash.
Prestariang said the investment would allow the group to leverage OGPL Group’s scalable cloud platform with over 900,000 users and to work alongside OGPL Group to establish a beach-front for EduCloud.
EduCloud is a Prestariang initiative announced earlier this year that aims to become a premium cloud-based service provider for the higher education market.
Barring any unforeseen events arising from the fulfilment of conditions set in the agreement, Prestariang said the subscription is expected to be completed by the first quarter of 2018.
Its shares fell one sen to close at RM1.77 today on some 132,200 shares done.