by PRIYA VASU / pic by TMR FILE
BOUSTEAD Holdings Bhd has sold its interest in University of Nottingham in Malaysia (UNM) for RM137 million to the University of Nottingham, UK.
In a filing to Bursa Malaysia yesterday, Boustead stated that the sale amount was for its 66.41% stake in the educational venture and a campus in Semenyih, Selangor.
The sale is part of Boustead’s strategy to rationalise its non-strategic assets, as well as accelerating the group’s performance by capitalising on emerging opportunities for value creation within existing core businesses.
The decision is expected to bode well for the group to manage costs and maximising returns to shareholders.
University of Nottingham now aims to become the majority shareholder in UNM by purchasing, through a wholly owned Malaysian subsidiary, Boustead’s shares in UNM.
“While we are proud to have UNM as a prestigious addition to our portfolio, the exit will allow us to further capitalise our strengths and resources more effectively in supporting the development of education in Malaysia on a wider scale.
“As a government-linked company, Boustead will continue to create other forms of collaboration and partnership that will help prepare valuable future talents particularly in digital technologies, renewable energy and Internet of Things, among others,” Boustead Group MD Datuk Seri Mohammed Shazalli Ramly stated in a release yesterday.
He added that Boustead will continue to build on the established relationship with UNM, while nurturing relationship with other local tertiary institutions including Universiti Teknologi MARA and Universiti
Pertahanan Nasional Malaysia, focussing on research and development in the areas of pharmaceutical, plantation, marine and aerospace, as well as oil and gas which are aligned with Boustead’s core strengths.
“By placing UNM under the full stewardship of the University of Nottingham, we trust UNM will continue to accomplish great things in the future. The University of Nottingham is an esteemed global institution and we extend our best wishes for all the upcoming endeavours of UNM,” he said.
UNM vice-chancellor Professor Shearer West said this transaction will allow the institution to build on exceptional foundations in teaching and research to develop new, innovative teaching programmes and research that supports sustainable development locally, regionally and globally.
UNM is a private university branch campus of the University of Nottingham and the first campus of a British university in Malaysia.
Boustead has been the majority shareholder of UNM since its campus establishment in 2000.
In partnership with YTL Corp Bhd and the University of Nottingham, UNM was formally announced in 1998 and welcomed its first 89 students in September 2000 in Kuala Lumpur.
In 2005, UNM relocated to a 118-acre (47.75ha) campus in Semenyih. In 2006, UNM reopened a Kuala Lumpur branch in Chulan Tower, Jalan Conlay to instruct MBA students.
Among the distinctions earned by UNM are the Queen’s Awards for Enterprise 2001 and the Queen’s Award for Industry (International Trade) in 2006.