- IEL is principally engaged in the education business such as franchising and licensing for computer and commercial training centres, provision of computer and business education and training, examination facilitators, and educational and business management consultancy.
KUALA LUMPUR (Oct 18): Berjaya Land Bhd’s wholly-owned subsidiary, Berjaya Leisure Capital (Cayman) Ltd (BLCC), intends to make an offer for Informatics Education Ltd (IEL) shares in connection with the directed delisting of IEL from the Singapore Exchange.
BLCC, which owns 119.56 million shares or a 67.4% stake in IEL, plans to offer S$0.011 in cash for each of the remaining IEL shares, said Berjaya Land in a filing.
Further, BLCC also intends to make an offer to acquire the remaining IEL warrants at S$0.0001 per warrant.
IEL is listed on the Mainboard of the Singapore Exchange. It was placed on the watchlist pursuant to Rule 1311(2) (minimum trading price entry criteria) and Rule 1311(1) (financial entry criteria) of the exchange’s listing manual in 2017.
Trading in the group’s securities has been suspended since July 28, after it received a delisting notification from the exchange in June.
IEL is principally engaged in the education business such as franchising and licensing for computer and commercial training centres, provision of computer and business education and training, examination facilitators, and educational and business management consultancy.
“Given the group’s loss-making position and requirement for Berjaya Land to continue providing financial support to the group as and when deemed necessary to meet its general working requirements, following the close of the exit offer and the warrants offer, [BLCC] intends to conduct a comprehensive review of the operations, management and financial position of the group,” said Berjaya Land.
This, it said, may include making material changes to the existing businesses of the group; disposing of fixed assets and other assets of the group, and reviewing the employment of its employees.
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