Ireka, Gains in MoU to develop educational campuses

KUALA LUMPUR: Ireka Corp Bhd and Gains Education Group Sdn Bhd have signed a memorandum of understanding (MoU) to collaborate on the development and operation of five educational campuses in Malaysia.

The campuses will be built in Kuala Lumpur, Selangor, Penang, Terengganu and Sarawak, and will cater to both national and international K-12 group programmes. K-12 is an education industry term for preschool to primary and secondary schooling.

Ireka group managing director Mohd Hasnul Ismar Mohd Ismail said the group’s role will be in construction and ownership of assets, and Gains’ will be in management and operations.

Ireka executive director Simon Chow Sung Chek said the five campuses will be built on land of around three to six acres. Construction works are slated to begin in the fourth quarter of this year and are expected to be completed by 2030.

“The five campuses also provide Ireka the opportunity to diversify its income streams and to tap stable recurring income platforms for the future. We view these campuses as long-term-value assets, which include the prospect of injecting them into a real estate investment trust to generate dividend yields for the company,” he said at the MoU signing ceremony yesterday.

As part of its diversification strategy, Chow said, Ireka will continue to look at all different business verticals and other possibilities, as well as investments into other growth industries.

Gains executive director Zaliza Alias said once all five campuses are completed, they will be able to cater for 10,000 to 15,000 students within the K-12 sphere in Malaysia.

“Gains will model eco-schools with science, technology, engineering and mathematics foundations, while providing a values-based education system at each campus,” Zaliza said.

Currently, Gains, with 22 years of experience in the education sector, has a presence in Indonesia, and will be providing school management services in Qatar next year. Gains will be opening a branch of Idrissi International School in Educity Iskandar in Johor. It has plans to introduce its education model to the Middle East and North African countries.

Source: theSundaily