KUALA LUMPUR (Nov 16): Sapura Resources Bhd said it is discussing a possible divestment of its education businesses, in response to Bursa Malaysia's unusual market activity query earlier today.

In its filing with the exchange, the group said it is unaware of the reason behind the rise in its share price recently, but noted several news reports highlighting Sapura Resources' stake in APIIT Sdn Bhd and Asia Pacific University Sdn Bhd.

One of the reports was The Edge Financial Daily's article entitled "Sapura Resources' APIIT stake could be worth over RM400m", published on Oct 29.

"The company is in the midst of discussion relating to a possible divestment of its education businesses, of which the terms have not been finalised at this juncture.

"The company will make the necessary announcement(s) in compliance with its obligations under the Main Market Listing Requirements of Bursa Securities if and when discussions have been finalised and the company executes any definitive agreements," it said.

Since mid-October, the counter has gained 61 sen or 60% to reach its closing of RM1.62 on Nov 13, from RM1.01 on Oct 15.

Today, Sapura Resources closed 6 sen or 3.7% higher at RM1.68, bringing its market capitalisation to RM226.2 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)