KUALA LUMPUR (Dec 10): Masterskill Education Group Bhd (MEGB) has granted SMRT Holdings Bhd a 15-day extension - starting today - for the latter to complete its due diligence review on the group and its subsidiaries.

The education provider told Bursa Malaysia in a filing today that it has received a written request from SMRT for the extension on the same day.

"The board of Masterskill had on even date granted the company the extension of time," it said, adding that the extension will lapse on Dec 24.

Meanwhile, in a separate filing by Ace-listed SMRT Holdings to Bursa, it said the due due diligence review on the education group and its material subsidiaries “is still on-going”.

It added that it will make further announcements on the development pertaining to the proposed acquisition in due course.

To recap, SMRT previously announced that it has partnered private equity firm Creador II LLC to make a buyout offer for Masterskill at 60 sen per share.

In a joint statement on Nov 10, Creador and SMRT said Masterskill's single largest shareholder, Siva Kumar Jeyapalan, who owns a 32.9% stake in the education group, is committed to sell his block of shares to them.

Creador and SMRT intends to maintain the listing status of Masterskill on the Main Market of Bursa Malaysia. This will give minority shareholders the option to either sell their shares through the takeover offer or continue to participate in the future growth of the education group.

Shares of SMRT closed 4.5 sen higher or 6.77% at 71 sen today, giving it a market capitalisation of RM161.15 million.

Masterskill also inched up 5 sen or 8.33% to close at 65 sen, translating into a market capitalisation of RM242.58 million.