KUALA LUMPUR (June 3): Prestariang Bhd has divested its stake in Australian Securities Exchange (ASX)-listed OpenLearning Ltd, for A$1.92 million (RM5.52 million), the group said in an exchange filing today.

The disposal of some 9.61 million shares, representing the remaining 6.88% equity interest held by Prestariang in OpenLearning, was done via an off-market block trade transaction.

The sale price of A$0.20 per OpenLearning share represents a discount of about 18.4% off the closing market price on May 28 of 24.5 Aussie cents being the date the price was agreed with the investors.

The price was 11.9% lower than the average market price for the past 15 days to May 28 of 22.7 Aussie cents, Prestariang said, adding that it was fixed on a "willing seller, willing buyer" basis.

OpenLearning is involved in developing and operating an online education platform on a software-as-a-service (SaaS) business model whose primary customers are education providers based in Australia and Southeast Asia.

The group plans to utilise the proceeds as rolling working capital to finance sales of its software and services business.

Prestariang is now focusing on rebuilding its financials, namely liquidity and cash flow, following the cancelation of the Immigration Department's Sistem Kawalan Imigresen Nasional (SKIN) project.

The group said it had to adjust its priorities and embark on a business rationalisation which includes divestment of non-core assets to strengthen its liquidity position in the immediate term.

Prestariang shares closed down half a sen or 1.67% to 29.5 sen with 6.38 million shares traded. This gave the company a market capitalisation of some RM142.78 million.