Monday, June 25, 2007

SEGi Planning $42 Million Sale Leaseback of College Campus in Malasia

The Star - June 22, 2007

SEG International Bhd (SEGi) plans to sell by year's end the new SEGi College campus in Kota Damansara to AmanahRaya Real Estate Investment Trust (REIT) and lease it back for 15 years.

Chief executive officer Datuk Clement Hii said that AmanahRaya REIT had made a tentative offer of RM145mil but the two parties were still working out the value. The move was aimed at unlocking the value of the land and to fund the construction of the new building, he said after the company's AGM yesterday.

Early this year, SEGi sold its Subang Jaya campus to AmanahRaya REIT for RM48mil. Hii said proceeds from the sale were being used to settle bank borrowings and fund future expansion in overseas markets.

“We want to be present in countries such as Indonesia, China, India, Britain, the United States and in some African nations through twinning programmes or stake acquisitions. The group was confident that the opening of the sixth campus would attract more foreign students, who now comprise 15% to 18% of the total enrolment, he added. Sphere: Related Content

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