SMRT, Creador terminate Asiamet takeover collaboration

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KUALA LUMPUR (March 1): SMRT Holdings Bhd and Creador II LLC have mutually terminated their collaboration agreement in relation to the proposed conditional takeover of Asiamet Education Group Bhd.

In a filing with Bursa Malaysia today, SMRT said both parties have acknowledged that upon the termination, there is no arrangement or agreement between them in respect of their relationship as shareholders of Minda Global Bhd, the holding company of Asiamet, and the exercise of their respective voting rights in Minda Global.

No reason was cited for the termination of the agreement.

In January 2015, SMRT and Creador proposed to acquire a 30.75% stake in Asiamet (then known as Masterskill Education Group Bhd) and subsequently launch a takeover for the remaining shares in the firm.

The agreement was entered into via SMRT's subsidiary Strategic Ambience Sdn Bhd and Creador's unit Arenga Pinnata Sdn Bhd.

It was reported that SMRT and Creador targeted to turn Asiamet around within a year. Asiamet has been loss-making in the previous two years.

SMRT's share price closed one sen or 5.13% higher at 20.5 sen today for a market capitalisation of RM76.51 million.