SINGAPORE (Jan 30): Koh Wee Meng, chief executive of Fragrance Group, now owns 53.05% of TMC Education at the close of his offer for the education provider.

The property tycoon can now proceed to undertake a review of TMC's business and identify areas in which the strategic direction and operations of the group can be enhanced.

At 5.30pm close on Tuesday, JK Global Assets, Koh's investment holding company, owns 88.8 million shares of the 167.4 million TMC Education shares on issue.

Koh last month made the mandatory cash offer for TMC after he agreed to purchase 85.4 million TMC shares, or a 51% stake, for 6.75 cents each from controlling shareholders Dr Chin Koh Yuen and wife Yeow Cheng Khim.

See: TMC Education receives 6.75 cent cash offer from Koh Wee Meng, CEO of Fragrance

This means shareholders owning a combined 2.05% stake in the company accepted the offer.

TMC provides training and education in IT, animation, accounting, business, hospitality and psychology among other courses, through TMC Academy.

Koh intends to retain the listing of TMC and Yeow will continue to hold an 11.65% stake in the company.

To strengthen the cashflow position of TMC, Koh will also consider fundraising options.

Shares in TMC closed at 8.4 cents on Tuesday.