Popular Holdings says it has acquired a 22% shareholding interest comprising 81,400 shares in the capital of ACP from an existing shareholder of ACP for $1.1 million. The deal was conducted through wholly-owned subsidiary Popular e-Learning Holdings.

ACP is principally engaged in IT Information technology training, education and other soft skills courses. The directors are of the view that the acquisition will bring synergy to the group’s e-learning business.

Popular Holdings says the acquisition was arrived at on a willing buyer and willing seller basis. The audited net tangible asset value of ACP as at Feb 28 was $1,222,020.

The acquisition was funded through internal resources.