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KUALA LUMPUR: Boustead Holdings Bhd is selling its controlling stake in University of Nottingham in Malaysia (UNM), as the diversified group sheds non-strategic assets to focus on core businesses.
Boustead, in a statement today, said it has entered into a conditional share sales agreement with the University of Nottingham, United Kingdom to sell its 66.41% stake and a campus in Semenyih, Selangor for £23.5mil (RM137mil).
"While we are proud to have UNM as a prestigious addition to our portfolio, the exit will allow us to further capitalise our strengths and resources more effectively in supporting the development of education in Malaysia on a wider scale," Boustead group managing director Datuk Sri Mohammed Shazalli Ramly said.
He said that as a government linked company, Boustead would continue to create other forms of collaboration and partnership that will help prepare valuable future talents particularly in digital technologies, renewable energy and Internet of Things, amongst others.
“We will continue to build on the established relationship with UNM, while nurturing relationship with other local tertiary institutions including Universiti Teknologi MARA and Universiti Pertahanan Nasional Malaysia, focussing on research and development in the areas of pharmaceutical, plantation, marine and aerospace, as well as oil and gas which are aligned with Boustead’s core strengths," Shazalli said.
It was reported in December that Boustead was seeking to sell its stake in UNM. YTL Group has a 4% stake, while University of Nottingham holds the remaining 30%.
The partnership between the three parties was formally announced in 1998 following an invitation from Malaysia's education ministry to establish an overseas campus, according to its website.
The Malaysian institution, among the first branch campuses of British universities established outside of the UK, welcomed its first students in September 2000.
Nottingham University of Malaysia has an 125-acre campus in Semenyih, which is about 30km from Kuala Lumpur, as well as a teaching site in the country's capital.