<article>Malaysian offshore oil and gas services provider <a style="color: #000080;" href="http://www.dealstreetasia.com/stories/tanjung-offshore-bourbon-terminate-deal-1703/">Tanjung Offshore Bhd</a> has acquired 67 per cent equity stake in local education firm Hills Education Group for $40,594 in a bid to diversify into education and training development business.</article>

Malaysian offshore oil and gas services provider <a style="color: #000080;" href="http://www.dealstreetasia.com/stories/tanjung-offshore-bourbon-terminate-deal-1703/">Tanjung Offshore Bhd</a> has acquired 67 per cent equity stake in local education firm Hills Education Group for $40,594 in a bid to diversify into education and training development business.
Tanjung Offshore acquired 134,000 ordinary shares of $0.24 share each last week for cash, the company announced in a filing at the <a style="color: #000080;" href="http://www.bursamalaysia.com/market/">Bursa Malaysia</a> today.The purchase will be funded through internally generated cash, it added.
The acquisition follows Tanjung Offshore&#8217;s earlier announcement in May this year where it had signed a Memorandum of Understanding (MoU) with Hills Education&#8217;s major shareholders Arnez Desmond George Fernandez and Imran Asif Bin Abdul Rahim.
The oil and gas company has also voiced its intentions in the past to diversify to hedge against the slowdown in the oil and gas industry.
Amid the slowdown in the oil and gas industry earlier, the company reported a net loss of $1.13 million for the first quarter ended March 31, 2016. In 2015, Tanjung Offshore incurred a net loss of RM76.26 million.
Remaining focused on its core business of oil and gas services, Tanjung Offshore is gearing up to enter property, construction, development and maintenance and also explore opportunities in education, aerospace and transport.
With the recent acquisition Tanjung Offshore could take advantage of the booming education sector in Malaysia. Malaysia has emerged as a leading education destination for students in the Southeast Asian region.
Looking at the trend in Malaysia, its Higher Education Ministry is targeting an increase in the number of international students to 200,000 by 2020. The number was at 151,979 international students that Malaysia hosted last year.
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Malaysia: Tanjung Offshore acquires 67% in Hills Education Group

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Malaysia: Tanjung Offshore acquires 67% in Hills Education Group

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