Bursa Announcements

The Company (“Protasco”) wishes to announce that Kumpulan Ikram Sdn Bhd (“KISB”),  a wholly-owned subsidiary of Protasco, had received a letter of offer from Star Teenagers International Group Limited (“STI”), a company based in Hong Kong, proposing to purchase 20,000,000 ordinary shares held by KISB in Ikram Education Sdn Bhd (“IESB”), representing 100% of the total issued share capital of IESB (“Proposed Disposal").

IESB, is the owner of the education business, known as Infrastructure University Kuala Lumpur (“IUKL”).

KISB had on 30 April 2024  accepted the letter of offer and received the earnest deposit from STI.   

Pursuant to the offer, KISB has granted STI a 3-month period from the date of acceptance of the letter of offer (or such other extended period as may be agreed upon by the parties)  to conduct a due diligence exercise on IESB. 

Upon the completion and satisfaction of STI's due diligence exercise, the parties will finalize the terms and conditions of the Proposed Disposal through a Share Sale Agreement.

A detailed announcement regarding the Proposed Disposal will be made upon execution of the Share Sale Agreement between the parties.