Click HERE for the Mandarin version of the deal update.

ZUL RAFIQUE & partners’ Projects & Corporate Advisory together with the Capital Markets team, David Lee Lai Huat, Khairuzzaman Muhammad, Sheree Shezleen Salehaldin (since left), Lee Yee Fern, Evelyn Ng and Anthony Christopher Crimson advised Boustead Holdings Berhad (BHB), which entered into a share sale agreement with UON Holding (Malaysia) Sdn. Bhd. (UON) for the proposed disposal of 66.41% stake held by BHB in the University of Nottingham in Malaysia Sdn. Bhd. (UNIM) to UON.

The proposed disposal entails the sale of 102,910,000 ordinary shares of UNIM for a cash consideration in RM equivalent to €23,500,000 (based on the exchange rate on the date of payment). Upon completion of the proposed disposal, BHB will cease to hold any shares in UNIM. Boustead Group’s Managing Director, Dato’ Seri Mohammed Shazalli Ramly, said in a statement that this exit is part of its Reinventing Boustead Strategy that will allow the Group to further capitalize its strengths and resources more effectively in supporting the development of education in Malaysia on a wider scale. 

He added that BHB, being a government-linked company, will continue to create other forms of collaboration and partnerships that will help prepare valuable future talents, particularly in digital technologies, renewable energy and internet of things, among others.

The proposed disposal was also featured in The EDGE on 17 August 2021, HERE.

Please click HERE for the Bursa Malaysia Announcement.

For more insight into this area of law, please contact our Partners in the Projects & Corporate Advisory and Capital Markets Practice Groups:

Projects & Corporate Advisory
Khairuzzaman Muhammad
Falisa Abu Bakar

Capital Markets
Jerry Ong Kok Wah
Cathryn Chay
David Lee Lai Huat

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