Amd Commo Exagr Regulatory News (COMG)

23 Nov 2005 09:05

Europasia Education PLC23 November 2005 23 November 2005 EUROPASIA EDUCATION PLC: VALUE OF INVESTMENT EuropAsia Education plc, the AIM-listed education group, welcomes the listing ofChina Education Group ("CEG), in which it has a 12 per cent shareholding, onOfex. CEG owns 100 per cent of EuropAsia (Beijing) Educational Technology ("EPEBeijing"), a China-based company which manages Shandong International Instituteof Translation ("SIIT"), a profitable Chinese university with over 8,000students. EPE Beijing recently announced a 61 per cent increase in profit after tax forthe year to 30 June 2005 to £2.4 million, on turnover up 61 per cent at £3million. EPE (Beijing) has an exclusive 25 year contract to run SIIT. SIIToffers diploma and undergraduate courses in foreign languages, computer science,information technology, international commerce and trade and hospitality andtourism. CEG is expected to be valued at £17 million on listing, which values EPE'sinitial stake at £1.9 million, nearly double the value of its £0.99 millioninvestment nine months ago, of which £160,000 was in cash and the remainder inEPE shares. EPE is acquiring an additional stake in CEG as part of its restructuring andOfex listing, so that it will own 13.8% of the ordinary shares in issue onlisting. EPE is currently raising additional funds to enable it to participatein CEG's fund raising. James Holmes, Chairman of EuropAsia Education plc, said: "China's one childpolicy has encouraged increased spending on education as parents focus theirresources on giving their one child the best possible education. We aredelighted with the success of this investment, our stake in which at the listingprice exceeds EPE's own market capitalisation. We will continue to seek outsimilar opportunities". -ends- For further information: Paul Quade 07947 186694 CityRoad Communications 020 7248 8010 A copy of the prospectus is available from CEG's web sitewww.chinaeducationgroup.com, or London Asia Corporate Finance's web sitewww.londonasiacf.com, or by writing to: London Asia Corporate Finance7th Floor, Aldermary House15 Queen StreetLondon EC4N 1TX About Shandong International Institute of Translation Based in Shandong Province, China, SIIT was established in June 1999. It offers2-3 year-diploma courses in foreign languages, computer science, informationtechnology, international commerce and trade, hospitality and tourism. There arecurrently over 8,000 students, based in two campuses in Shandong Province,China. The college provides accessible, affordable, high-quality post-secondaryeducation that prepares students to enter the job market, allows them totransfer to universities, helps them to study and work abroad, and assists themin achieving their professional and personal goals. As the first translation college in Shandong Province, the college provides awide variety of language learning and translation programs in English, Chinese,Korean, Japanese, Russian, French, German, Spanish, Arabic, Italian, Greek andEsperanto. A strong college transfer programme has evolved to allow students theopportunity to take the first two years of a baccalaureate degree and transferto one of the state's four-year institutions.. For additional information, see www.chinaeducationgroup.com About Europasia Education plc EPE is an AIM listed education investment group, focused on opportunities inEurope and Asia. It owns 100% of Education 2000, an English language and workexperience placement business based in Bournemouth, UK, and ColumbiaInternational, trading under the name Management International, an educationconsulting and work placement business based in London, as well as its stake inChina Education Group. For additional information, visit www.europasiaeducation.com This information is provided by RNS The company news service from the London Stock Exchange