The University of Wollongong’s expansion into Asia now officially includes the vibrant market of Malaysia.
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On Monday UOW acquired the university colleges of Malaysian private education provider KDU from long-standing Malaysian investment company Paramount Corporation Berhad (PCB).
The deal which is subject to Malaysian Ministry of Education approval, will see UOW wholly-owned subsidiary, UOW Global Enterprises, immediately acquire a substantive majority equity interest in the university colleges in Kuala Lumpur and Penang—including the new campus under construction in Batu Kawan.
UOW vice-chancellor, Professor Paul Wellings said the move builds on the university’s successful 10-year track record of providing world-class tertiary education to students in Malaysia by enabling UOW to become a direct provider in this vibrant market.
“Through this acquisition UOW will contribute more significantly to realising the Malaysian Ministry of Education’s vision of creating a higher education system that ranks among world leaders and enables Malaysia to compete more effectively in the global economy,” Prof Wellings said.
“UOW’s direct presence in the market will strengthen Malaysia’s efforts at this exciting time in the nation’s history while also benefiting the wider region.”
The move expands UOW’s existing global presence, which includes campus’ in Dubai and Hong Kong.
KDU colleges currently have about 6000 students, with capacity to expand to 13,000 students and deliver an annual turnover of RM 260m (AUD $80m) over the long term.
A rapidly growing Malaysian private education market is also currently estimated to be worth RM12.7bn (AUD $4.24bn) but expected to be valued at more than RM 16bn (AUD $5.34bn) in just five years.
The transaction was formalised with a contract signing in Kuala Lumpur attended by PCB representatives and UOW Global Enterprises board member Noel Cornish AM and group chief executive officer, Marisa Mastroianni.
PCB chief executive Jeffrey Chew Sun Teong said Paramount was very pleased that UOW, a globally ranked university with an excellent reputation for quality, will bring new opportunities for KDU staff and students.
“We are confident that the legacy we have built will continue and be enhanced,” he said.
Ms Mastroianni said the acquisition would enhance UOW’s global reputation by delivering international student growth and providing pathways to the university.
She also reassured KDU staff and students that the transition would be a smooth one.
Ms Mastroianni added UOW would also leverage its global profile to introduce new undergraduate and postgraduate programs based on high quality curricula, teaching and assessment standards, with a clear strategy for University of Wollongong Malaysia to eventually become a leading self-accrediting international university.
“Delivering University of Wollongong programs into the Malaysian market for the last 10 years has demonstrated the strong demand for our university’s programs,” she said.
“We will provide a high-quality educational experience that nurtures graduates, inspiring in them the truly international outlook needed to become future global leaders.”