This article first appeared in The Edge Malaysia Weekly on September 4, 2023 – September 10, 2023
In May this year, SMRT Holdings Bhd underwent a restructuring to carve out its education business and become a pure provider of Internet of Things (IoT) solutions.
But it took a big hit in its books for disposing of SMR Education Sdn Bhd to Cyberjaya Education Group Bhd for RM49.5 million. In its latest quarterly results, SMRT recorded a net loss of RM69.3 million.
The companys education subsidiary was held by SMR Education Group Sdn Bhd, which in turn holds a 42.98% stake in Cyberjaya University Education Group Bhd. SMRT sold its interest in the education business to the family of its major shareholder, Tan Sri Dr R Palaniappan.
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