PROTASCO Bhd will sell its 100% stake in Ikram Education Sdn Bhd, owner of Infrastructure University Kuala Lumpur (IUKL), to Hong Kong-based Star Teenagers International Group Ltd (STI) for RM30 million.

The sale agreement was signed through Kumpulan Ikram Sdn Bhd, with STI for the cash disposal, its filing on July 21 showed.

The sale, expected to be completed by November 20, 2024, will generate a gain of RM12.7 million for Protasco, improving its earnings for FY2024.

Proceeds will be used to settle Ikram Education’s liabilities, cover expenses, and provide working capital.

The disposal allows Protasco to monetise a non-essential asset, as Ikram Education has been loss-making for the past three years.

Trading in Protasco’s shares was suspended for an hour in early trade today, amid the material announcement.

Following the announcement, Protasco’s shares fell by up to 16.7% to a low of 30 sen before closing at 35 sen today, marking a decline of 1 sen or 2.78%. Its market capitalisation stood at RM173 million. — TMR