<article>Private equity firm <a href="http://www.creador.com/" target="_blank">Creador</a> and <a href="http://www.smrhrgroup.com/" target="_blank">SMRT Holdings Bhd</a> have formed a consortium to takeover <a href="http://www.megb.com.my/" target="_blank">Masterskill Education Group Bhd</a> (MEGB) for MYR112.8 million ($31.5 million).
Both parties have first entered into a share sale agreement last Monday to acquire a 30.75 per cent stake or 115.7 million shares in Masterskill from its major shareholder and executive director Siva Kumar M Jeyapalan at 60 sen a share, amounting to MYR69.4 million.</article>

Private equity firm <a href="http://www.creador.com/" target="_blank">Creador</a> and <a href="http://www.smrhrgroup.com/" target="_blank">SMRT Holdings Bhd</a> have formed a consortium to takeover <a href="http://www.megb.com.my/" target="_blank">Masterskill Education Group Bhd</a> (MEGB) for MYR112.8 million ($31.5 million).
Both parties have first entered into a share sale agreement last Monday to acquire a 30.75 per cent stake or 115.7 million shares in Masterskill from its major shareholder and executive director Siva Kumar M Jeyapalan at 60 sen a share, amounting to MYR69.4 million.
Under the share sale agreement, SMRT&#8217;s subsidiary Strategic Ambience Sdn Bhd and Creador&#8217;s subsidiary Arenga Pinnata Sdn Bhd, will acquire a 7.75 per cent and 23 per cent stake, respectively.
Adding to the 19.26 per cent shareholding Creador had already acquired on January 8, the consortium now collectively holds 50.01 per cent stake in MEGB.
The consortium will then launch a conditional takeover offer for the remaining shares in the company at 60 sen each, or MYR112.8 million. The new major shareholders aim to maintain Masterskill’s listing status.
 Masterskill owns and runs <a href="http://www.amu.edu.my/" target="_blank">Asia Metropolitan University (AMU)</a>. The education group will be rebranded as Asiamet Education Group Bhd, post the change in major shareholding.
Creador founder and chief executive officer Brahmal Vasudevan anticipated the turnaround for Masterskill, to take a year or more, as the consortium rebuilds AMU as a leading institution.
&#8220;What we will try to do is to put new life into the company with the combination of SMRT and Masterskill&#8217;s skills in the education sector and our skills in the strategy and financial side,&#8221; he said.
SMRT CEO R Palan noted that the &#8220;asset light strategy&#8221; will still be adopted, going forward, with the disposal of assets that are under-utilised, including the initial planned disposal of four properties to Siva.
It was speculated in local media that SMRT and Creador could raise the offer price, following a 15-day extension in due diligence on the deal.
SMRT chief executive officer R Palan said the company would leverage on its experience and knowledge in <a href="http://www.cybermed.edu.my/" target="_blank">Cyberjaya University College of Medical Sciences</a> to turn around Asiamet.
He added that the company is likely to reduce its marketing cost by 20 -30 per cent due to synergies from CUCMS and AMU.
SMRT is involved in the provision of education solutions that include, tertiary education, the English language and workforce training, professional human resources solutions in consulting, outsourcing and software services.
Palan said SMRT will revisit its plan to transfer Masterskill’s listing to the main market of Bursa Malaysia within six months after the completion of the acquisition exercise. The acquisition is expected to be concluded by end-March.
Last Thursday, Masterskill filed with Bursa Malaysia that Vasudevan has ceased to be a substantial shareholder of SMRT Holdings Bhd after he sold 2.1 million shares last week.
Five days after announcing the share sale agreement, yesterday&#8217;s filing with Bursa Malaysia showed that Brahmal had disposed of 1.8 million shares on Jan 8, bringing his stake down to 5.08 per cent or 11.6 million shares. He also sold off another 300,000 shares on Jan 9, thereby ceasing to be a substantial shareholder of SMRT.
Masterskill’s share price went up 6 per cent from 67.5 sen, a day after the announcement, to close the week’s trade at 71.5 sen on a trading volume of 15 million shares, on Friday.
SMRT’s counter, however, fell from 64 sen, a day after the announcement to 62 sen on Friday, with 3.7 million shares exchanged.

Creador, SMRT acquire Masterskill for $31.5m

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Creador, SMRT acquire Masterskill for $31.5m

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