KUALA LUMPUR (July 13): Sapura Resources Bhd said its aviation business at the Subang Airport that it is considering selling to Abu Dhabi-based private jet operator Royal Jet LLC comprises two wholly-owned subsidiaries with a total issued shared capital of RM79.96 million.
The subsidiaries are Sapura Aero Sdn Bhd with an issued capital of RM37.5 million, and DNEST Aviation Sdn Bhd with an issued capital of RM42.46 million, the group said in a bourse filing on Wednesday (July 12).
The filing was issued a day after Sapura Resources announced that it had signed a heads of agreement (HOA) with Royal Jet on June 23.
In the filing, the group said the HOA sets out preliminary terms which will form the basis for a share sale agreement in relation to the disposal.
“The HOA is conditional and not legally binding upon either of the parties, save and except for certain provisions as stated in the HOA,” it added.
Sapura Resources said the consideration for the disposal will be determined upon completion of a due diligence exercise on a "debt-free, cash-free" basis.
Sapura Resources is 51.03%-owned by Sapura Holdings Sdn Bhd, which is also a substantial shareholder of Practice Note 17 company Sapura Energy Bhd.
Shares of Sapura Resources closed up 4.5 sen or 10.71% at 46.5 sen on Wednesday, valuing the group at RM64.91 million.