Information on MCSB
MCSB was incorporated under the Companies Act, 1965 on 8 May 2009. The authorized capital of MCSB is RM1,000,000.00 divided into 1,000,000 ordinary shares of RM1.00 each, of which RM2.00 has been issued and fully paid-up.
Information on UTSB
UTSB was incorporated under the Companies Act, 1965 on 26 June 1997, with an authorized capital of RM1,000,000,000.00 and a total issued and paid-up capital of RM650,000,000.
UTSB currently manages the operations of Multimedia University (“MMU”) at the Cyberjaya, Selangor and Melaka campuses, under a license issued by the Ministry of Higher Education pursuant to the Private Higher Educational Institutions Act 1996 (“PHEIA”).
Rationale for the Acquisition
MCSB was acquired to undertake the operations of TM’s in-house training centre, registered under the PHEIA as Multimedia College (“MMC”). MMC offers undergraduate programmes in Information Technology, Multimedia, Business and Management, providing training and development courses at various levels for staff of TM and its subsidiaries, including the external market.
Pursuant to the rationalization of TM’s education business under one entity i.e. UTSB Group, MCSB will assume the programmes currently managed by MMC, whilst MMC would be maintained as a training centre concentrating on training of internal staff on Information and Communication Technologies and related fields.
Financial Impact
The Acquisition is not expected to have any material impact on the consolidated earnings of TM for the financial year ending 31 December 2009.
Interest of Directors, Substantial Shareholders
None of the Directors, substantial shareholders of the Company and/or persons connected to them
have any interest, whether direct or indirect in the Acquisition.
This announcement is dated 28 May 2009.