Sapura Resources jumps 6.57% on plan to divest education biz

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KUALA LUMPUR (March 17): Sapura Resources Bhd shares jumped 6.57% this morning after it announced a divestment of its education business by disposing of its entire shareholding in APIIT Education Group to ILMU Education Group Sdn Bhd, the education arm of government-owned private equity firm Ekuiti Nasional Bhd (Ekuinas), for RM246.99 million.

At 9.15am, Sapura Resources rose 9 sen to RM1.46 with 1.04 million shares done.

The education assets comprise a 49% interest in APIIT Sdn Bhd, 49% stake in Asia Pacific University Sdn Bhd and 37.61% stake in Asia Pacific Institute of Information Technology Lanka (Pvt) Ltd. The remaining interest in these assets is already owned by ILMU.

Sapura Resources is also undertaking a proposed reorganisation, which will involve the disposal by APIIT to ILMU of its entire interest in Asia Pacific Schools Sdn Bhd for RM138.8 million.

As a result of the proposed disposals, the group will realise a one-off pro forma gain of about RM192.2 million, based on its audited financial statements ended Jan 31, 2015.

Sapura Resources said it is disposing of its education assets as it was more value accretive to the group in the long run to use the funds from the disposal to concentrate on growing its property business, namely its Lot 91 Kuala Lumpur City Centre Development, as well as its aviation business.