Boustead Holdings Berhad has decided to relinquish all shares in University of Nottingham Malaysia campus as part of the groups Reinventing strategy.
In line with that direction, Boustead has decided to enter a conditional share sales agreement with the University of Nottingham, United Kingdom, releasing its 66.41% controlling stake and a campus in Semenyih, Selangor for approximately RM137 million. The University of Nottingham will now become the majority shareholder by purchasing the university through a wholly-owned Malaysian subsidiary.
Boustead Group Managing Director Dato’ Sri Mohammed Shazalli Ramly has been focused on restructuring the loss making company and return the group to its core competency by off-loading non related businesses. However he stressed that although Boustead will be exiting the education sector, it will however 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, focusing 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” he said.
UNM Vice-Chancellor Professor Shearer West reiterated that the commitment to the university remains as strong as ever. With the full ownership, UNM will grow its foundations in teaching and research, develop new, innovative teaching programmes and research that will support sustainable development locally, regionally and globally.
UNM is a private university branch campus of the University of Nottingham and the first campus of a British university in Malaysia. It was formally announced in 1998 and welcomed its first 89 students in September 2000 in Kuala Lumpur. In 2005, UNM relocated to a 118-acre campus in Semenyih.