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AEC Education

  • BY: Andrew Hore |
  • POSTED: 10/02/2014 |

Singapore authorities have decided to deny a new licence for the Singapore college run by AEC Education and the share price has slumped by two-fifths. 

AEC attempted to get the company’s EduTrust certification reinstated after it was taken away. The Singapore’s Council of Private Education still believes the college does not meet the criteria for the reinstatement of the certificate. AEC, which can reapply, is considering its next move and any financial impact. 

Cost savings will be made by transferring financial and admin functions for the region to Kuala Lumpur along with responsibility for sales and marketing for Africa, the Middle East and Asia, with London taking responsibility for eastern Europe, western Europe and South America.

At 2.5p a share, AEC is valued at £1.57m.

At the end of last year, Cinnovation Inc injected £1.13m into AEC at 6p a share.

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