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Sapura Resources tapping education sale proceeds for RM1.5b property project

SERI KEMBANGAN (June 15): Sapura Resources Bhd will channel proceeds from the sale of its education assets towards its RM1.5 billion property project near the Kuala Lumpur City Centre.

Sapura Resources' Lot 91 development along Jalan Kia Peng entails an office tower besides a convention centre and retail podium.

Sapura Resources managing director Datuk Shahriman Shamsuddin said shareholders had, during the company's extraordinary general meeting (EGM) today, approved the company's proposal to sell its education assets to Ekuiti Nasional Bhd (Ekuinas) for RM246.99 million.

"We have a joint venture (JV) with KLCC (Holdings Sdn Bhd) to build a 52-storey tower with about 1.2 million square feet, attached to the convention centre.

"The GDV (gross development value) is approximately RM1.5 billion. We own 50% of the JV," Shahriman told reporters after Sapura Resources' annual general meeting and EGM.

The Malaysian Government owns private equity firm Ekuinas. Sapura Resources has proposed to sell its education assets to Ekuinas' unit Ilmu Education Group Sdn Bhd.

Sapura Resources is selling its 49% stake each in APIIT Sdn Bhd and Asia Pacific University Sdn Bhd for RM58 million and RM161.99 million respectively.

Sapura Resources is also disposing of its 37.61% stake in Asia Pacific Institute of Information Technology Lanka (Pvt) Ltd for RM27 million.

At Bursa Malaysia, Sapura Resources shares rose four sen or 4% at 12:30pm to settle at RM1.05 for a market value of RM141 million. The stock saw 22,000 shares traded. — theedgemarkets.com

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