SEGi sharply reduces bank debts

PETALING JAYA: SEG International Bhd (SEGi), which sold its flagship campus in Kota Damansara to AmanahRaya Real Estate Investment Trust last year, has reduced its bank borrowings to 20% of equity from 100% previously. It sold the college for RM145mil with an agreement to lease back the property for 15 years. SEGi is the owner of SEGi College Malaysia, which itself is a consolidation of the Systematic and Prime education groups. "We are targeting student growth of between 15% and 20% this year" - DATUK CLEMENT HIISEGi chief executive officer Datuk Clement Hii said this was achieved after the consolidation of the group, which started in 2006, and the sale of the Kota Damansara campus. Read more

(The Star 19-2-2008)