We refer to the announcement dated 6 August 2007 in relation to the Proposed Acquisition. Capitalised terms used in this announcement shall have the meanings defined in the announcement dated 6 August 2007
On behalf of the Board of Directors of HELP ("Board"), we are pleased to announce the approval of the Foreign Investment Committee of Malaysia ("FIC") and the approval of the Registrar General of Private Higher Educational Institutions of the Proposed Acquisition.
The respective details of the approvals from the FIC and the Registrar General of Private Higher Educational Institutions are as set out below.
1. FIC approval
The FIC has via its letter dated 1 October 2007 stated that it has no objection to the Proposed Acquisition.
However, the FIC approval is subject to the approval of the Registrar General of Private Higher Educational Institutions to the Proposed Acquisition (which has been obtained on 28 September 2007 as set out in Section 2 below).
In their letter, the FIC has also cancelled the earlier requirement imposed on SEC to maintain 30% Bumiputera equity.
2. Registrar General of Private Higher Educational Institutions approval
The Registrar General of Private Higher Educational Institutions has via his letter dated 28 September 2007 to the Chief Executive of S.I.T International College has given his approval to the Proposed Acquisition under the Private Higher Educational Institutions Act 1996 (Act 555).
This announcement is dated 4 October 2007.
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