SEG counts on better current-year results

  • Business
  • Monday, 27 Jan 2003

SEG International Bhd (formerly Systematic Education Group) ex- pects to see a dramatic improvement in current-year results after having put in place the necessary infrastructure and groundwork for the group. 

“It's all systems go from now on,” SEG chief executive officer Hii Chii Kok said after the company's EGM in Subang Jaya on Friday, 

For the nine months to Sept 30, 2002, the company recorded a net profit of RM4.07mil. It will soon release its fourth-quarter results. 

SEG, the result of a reverse takeover of Systematic by Kumpulan Emas Bhd, aspires to be a leading education provider in the country and the region. 

It currently operates 14 institutions of higher education and six vocational training centres in the country and expects to open five to 10 more of such centres in China and Indonesia by year's end. 

“We are going to export the intellectual property that we have developed and repackaged with our foreign partners,” Hii said. 

He said that in the past year the company had had negotiations with varsities in Australia and Britain – such as the University of Newcastle, University of Sunshine Coast, James Cook University, Napier University and Herriot-Watt University – on various education programmes. 

Hii said the company would introduce either a franchise system or a twinning programme in the two countries, and that tangible investments would be kept to a minimum. 

“We have spent a lot to get the programmes going with the foreign universities and now whatever new investment will be taken up by the Chinese and Indonesian partners,” he said. 

Hii said the company was also considering expanding its business in the country, adding that there would always be room for serious players even in a saturated market. 

At the EGM, shareholders ap- proved the variation to the profit guarantee provided by Kumpulan Emas to SEG in relation to the acquisitions of Berrington Bay Corp Sdn Bhd, Summit Education Sdn Bhd, and Summit Early Childhood Edu-Care Sdn Bhd. 

The variation entails the extension of time for the fulfilment of the guaranteed profits over six years from Jan 1, 2001 to Dec 31, 2006, as opposed to the original term of three years, as well as a proposed increase in the quantum of the aggregate guaranteed profits by RM2.286mil. 

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