APFT proposes acquisition of education units from HELP as part of regularisation plan

This article first appeared in The Edge Financial Daily, on March 11, 2020.
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KUALA LUMPUR: APFT Bhd has signed a memorandum of understanding (MoU) with HELP International Corp Bhd on the proposed acquisition of certain education business of HELP International.

APFT said the proposed acquisition is part of its regularisation plan to relinquish its Practice Note 17 status in order to maintain its listing status on the Main Market of Bursa Malaysia.

The details of the regularisation plan will be announced and submitted to the regulatory authorities for their approval, the company said in a filing with Bursa yesterday.

“The MoU allows the parties to negotiate exclusively for at least a period of six months and sets out the understanding and intention in respect of the proposed regularisation plan,” it said

In a separate statement, APFT said it is terminating the MoU it entered into with QEOS LED Sdn Bhd on Jan 9.

Previously, Bursa dismissed APFT’s request for more time to submit its regularisation plan, which meant it would be delisted from the Main Market next Monday unless an appeal was made.

Prior to the delisting, trading of APFT shares will be suspended from tomorrow onwards.