PROTASCO Bhd said its wholly-owned subsidiary, Kumpulan Ikram Sdn Bhd (KISB), has received an offer from Hong Kong-based Star Teenagers International Group Ltd (STI) to purchase Ikram Education Sdn Bhd (IESB), the operator of Infrastructure University Kuala Lumpur (IUKL).

The offer involves acquiring 20 million shares held by KISB in IESB, representing 100% of its total issued share capital.

STI has provided an earnest deposit for the acquisition and has a three-month period for due diligence on IESB.

Protasco will make a comprehensive announcement once the share sale agreement is executed.

The announcement led to an 8.16% surge in Protasco’s shares, reaching 26.5 sen, with a market capitalization of RM131 million. –TMR