LONDON--AEC Education PLC (AEC.LN), which offers a number of
diploma and degree programs up to the post-graduate level to
students in the Asian region, said Thursday it has agreed to sell
its non-core examinations subsidiary, Educational Resources Pte
Ltd, or ER, to Pearson Education South Asia Pte. Ltd. for GBP2.5
million cash upon completion.
MAIN FACTS:
-A deferred payment of an amount equal to the net consideration
received by Pearson Education Ltd., a company owned and controlled
by Pearson PLC (PSON.LN), for the sale of 3 million shares it holds
in AEC, will also be made.
-Sale is expected to complete before the end of October.
-For the year ended Dec. 31, 2011, ER contributed revenue of
3.92 million Singapore dollars (2 million pounds), representing
10.5% of overall Group revenue; EBITDA was S$205,651 (GBP0.10
million) and total assets as at Dec. 31, 2011 amounted to S$6.54
million (GBP3.27 million).
-Sale proceeds will be used by AEC to expand its core
businesses.
-AEC shares closed Wednesday at 9 pence valuing the company at
GBP3.81 million.
-Write to Ian Walker at ian.walker@dowjones.com
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