SMRT buys remaining stake in IESB

25 Jul 2014 / 05:40 H.

    PETALING JAYA: SMRT Holdings Bhd is buying the remaining 30% stake in In-Fusion Education Sdn Bhd (IESB), which manages Cyberjaya University College of Medical Sciences (CUCMS), from MIG Education Sdn Bhd for RM10 million.
    Both parties entered into a sale of shares agreement for the acquisition of 30% of the issued and paid-up share capital of IESB, comprising 3.32 million RM1.00 shares.
    IESB manages and operates the CUCMS which has faculties in medicine, pharmacy, traditional and complementary medicine and allied health sciences, and centre for foundation in science, language and general studies, graduate studies, research and
    commercialisation, medical sciences education and distance and continuing education.
    SMRT, via SMR Education Sdn Bhd, acquired a 70% stake in CUCMS for RM27.5 million in May 2013.
    With the completion of the proposed acquisition, IESB will be ultimately wholly-owned by SMRT.
    SMRT said all policies, directions and plans for IESB and CUCMS will be implemented by the company in line with its strategic plans to widen its future prospects in the education industry and enhance SMRT Group's overall long term growth plan.

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