KUALA LUMPUR: Protasco Bhd has bagged a letter of offer from Hong-Kong based Star Teenagers International Group Ltd (STI) to purchase its education business Infrastructure University Kuala Lumpur (IUKL).
KISB had on April 30 2024 accepted the letter of offer and received the earnest deposit from STI for the acquisition.
Following the offer, KISB has given STI a three-month window from the date of accepting the offer letter (or any agreed-upon extended period) to carry out a due diligence process on Ikram Education Sdn Bhd (IESB), the owner of IUKL.
"Once STI completes and is satisfied with its due diligence, both parties will work out the final terms and conditions of the proposed disposal through a share sale agreement (SSA)," it said in a filing with Bursa Malaysia today.
An extensive announcement regarding the proposed disposal will be issued upon the parties' execution of the SSA.
At the time of writing, Protasco Bhd share price increased 8.16 per cent to 26 sen, bringing the market capitalisation to RM128.65 million.