KUALA LUMPUR (Jan 2): Prestariang Bhd said its Memorandum of Understanding (MoU) with Kumpulan Modal Perdana Sdn Bhd (KMP) to help develop a tertiary education facility has lapsed.

“The company wishes to inform that the MoU had lapsed on Dec 31, 2017,” the information and communications technology firm said in a filing with the stock exchange today.

KMP, incorporated as a venture capital company in 2001, is wholly-owned by the Ministry of Finance. According to its website, it is mandated to focus on technology development in support of Malaysia’s Economic Innovation Model.

In January 2013, KMP entered into the MoU with Universiti Malaysia of Computer Science and Engineering (UniMY), a tertiary education facility established under Prestariang Education Sdn Bhd, a wholly-owned subsidiary of Prestariang.

Under the MoU, UniMY had also collaborated with several other entities such as University of Melbourne (Melbourne School of Engineering), Huawei Sdn Bhd, Autodesk Asia Pte Ltd, Multimedia Development Corporation Sdn Bhd and NanoMalaysia Bhd to support UniMY’s aspiration to develop a tertiary education facility focusing on computer science and engineering.

However, there had been no material development with regards to the proposed collaboration under the MoU.

Prestariang’s share price closed unchanged at RM1.52, giving it a market capitalisation of RM733.09 million.