Pelangi, Sasbadi bag textbook contracts from Education Ministry

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KUALA LUMPUR (March 7): Pelangi Publishing Group Bhd and Sasbadi Holdings Bhd separately announced to Bursa Malaysia today that they have bagged textbook contracts from the Ministry of Education (MoE).

Pelangi said its wholly-owned subsidiary Penerbitan Pelangi Sdn Bhd received a letter of acceptance dated March 5 from the MoE to publish, print and supply Mathematics textbooks for Year 4 of the national-type Chinese primary Schools (SJKCs). 

The contract is worth RM1.06 million and valid for three years or such extended period as may be agreed in writing by the parties, it said. 

It expects the job to contribute positively to its earnings and net assets from the financial year ending Sept 30, 2019 (FY19), until the completion of the deal.

Sasbadi, meanwhile, has also secured a 3-year contract to supply Arts education textbooks for Year 4 of the SJKCs from the MoE, worth RM746,460. The contract will start from March 5, 2019 and end on March 4, 2022.  

Sasbadi said the group is expected to deliver the first tranche of the contract worth approximately RM677,650  to the SJKCs throughout Malaysia, in the first and second quarters of the financial year ending Aug 31, 2020 (FY20). 

“In this regard, the contract is expected to contribute positively to the earnings and net assets of the group for the financial year ending August 31, 2020, and onwards, during the duration of the contract,” it said. 

Sasbadi's shares rose one sen or 4.44% to close at 23.5 sen today, giving it a market capitalisation of RM98.49 million. Pelangi, which was not traded today, last settled at 42 sen on March 4, for a market capitalisation of RM40.57 million.