KUALA LUMPUR (March 16):  Education and human resources services provider SMRT Holdings Bhd is teaming up with businessman Datuk Benny Hoe Tze Fook to set up  an international school in Cyberjaya.

In a filing with Bursa Malaysia today, SMRT said it is selling a 90% stake in subsidiary SMR Education Solutions Sdn Bhd (SMRES) to Hoe’s company, Brecon Synergy Sdn Bhd, for RM450,000.

SMRES won approval from the Education Ministry in November 2014 to establish a private school called Cyberjaya International School.

SMRT said that it is disposing the SMRES stake to Brecon on the invitation of the latter to jointly develop the school, a move which SMRT says will reduce its gearing risk exposure.

Hoe is no stranger to Cyberjaya developments. He is the managing director of Seri Mutiara Development Sdn Bhd, whose flagship development is the Mutiara Ville@Cyberjaya, which comprises residential apartments and retail outlets.

Brecon is in the business of managing and operating schools, as well as property management services. The directors of Brecon are Hoe and Datin Yap Chin Ngok.

The agreement is subject to, among others, a legal and financial due diligence being carried out by Brecon on the business of SMRES.

SMRT said the disposal of SMRES is not expected to have any financial impact on the company.

SMRT shares closed unchanged today at 21 sen, for a market capitalisation of RM58.44 million.