KUALA LUMPUR: Boustead Holdings Bhd will dispose of its 66.41% controlling stake in University of Nottingham in Malaysia (UNM) and a campus in Semenyih, Selangor for ￡23.5mil (RM137.41mil), exiting from its venture in the educational institution.

       In a filing with Bursa Malaysia yesterday, Boustead said it had entered into a share sale agreement with UON Holding (M) Sdn Bhd for the proposed disposal.

       The group said the disposal was in line with its strategy to focus on rationalising non-strategic assets as well as accelerating its performance improvement by capitalising on emerging opportunities for value creation within existing core businesses, while at the same time ensuring it is managing costs well and maximising returns to shareholders.

       “The exit will allow us to further capitalise our resources more effectively in supporting the development of education in Malaysia on a wider scale. As a government-linked company, Boustead will continue to create other forms of collaboration and partnership that will help prepare valuable future talents particularly in digital technologies, renewable energy and the Internet-of-Things.

       “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,” Boustead group managing director Datuk Seri Mohammed Shazalli Ramly said in a statement.