KUALA LUMPUR (Jan 16): Matrix Concepts Holdings Bhd has teamed up with a private education services provider Bonanza Educare Sdn Bhd to jointly operate Matrix Global Schools in Bandar Sri Sendayan, Negeri Sembilan based on an agreed business plan.

In a filing with Bursa Malaysia today, Matrix Concepts said its wholly-owned subsidiary Matrix Global Education Sdn Bhd (MGE) has entered into a joint venture (JV) cum shareholders agreement with Bonanza Educare for the purpose.

MGE will hold a controlling 51% stake in the JV company Matrix Educare Sdn Bhd (MEC), while Bonanza Educare will own the remaining 49% stake.

Matrix Concepts said Bonanza Educare has the requisite experience and expertise in the education industry in the setting up, operating and managing international pre-schools, private schools and international schools.

"Both MGE and Bonanza Educare will collaborate to rationalise and reorganise Matrix Global Schools with the intention to promote the efficiency operation of the education business under MEC," it added.

MGE is currently operating Matrix Global Schools, which comprises an international pre-school, an international school and a private school on a purpose built campus situated at Sendayan Merchant Square in Bandar Sri Sendayan.

Under the JV, MGE will relinquish its operations in Matrix Global Schools and MEC will take over such operations.

For this to happen, MEC will acquire the operating assets from both MGE and Matrix Properties Sdn Bhd, an indirect wholly-owned subsidiary of Matrix Concepts, and enter into a tenancy agreement with Matrix Properties for the rental of the property. MGE will also transfer the licences from the ministry of education and the Education Department of Negeri Sembilan to MEC to run Matrix Global Schools.

The estimated time frame for completion is about four to six months, said Matrix Concepts .

At 2.01pm, Matrix Concepts shares were down 2 sen or 1.05% at RM1.88, with 185,200 shares done, bringing a market capitalisation of RM1.42 billion. — theedgemarkets.com

Click here for more property stories.