15th Apr 2014 14:21
LONDON (Alliance News) - AEC Education PLC Tuesday said it will book a gross capital gain of about SGD250,487 after its AEC College Pte Ltd subsidiary agreed a deal to sell its 30% stake in Keris Murni Sdn Bhd and Pusat Tiusyen Kasturi Sdn Bhd for a combined MYR1.6 million to MAA Corporation Sdn Bhd of Malaysia.
AEC College bought the stake for SGD362,540 and the sale proceeds amount to about SGD613,027. The impact upon future net earnings and cashflow will be around GBP40,000 a year, it said.
The sale it expected to be completed within seven working days from the date of signature. The proceeds will be used for working capital, including for the company's operations in Singapore.
The stock was trading at 2.64 pence, up 0.27 pence or 11.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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