Thursday, July 7, 2011

#Update* Sapura Resources edges up in afternoon session

KUALA LUMPUR: SAPURA RESOURCES BHD [] shares advanced on Thursday, July 7 after the company said it was acquiring the business assets of a hangarage and training services provider for RM28 million as part of its plans to expand the scope of its business in property management and industrial training.

At 2.55pm, Sapura Resources added three sen to RM1.19 with 1.52 million shares done.

In a filing Thursday, July 7, Sapura Resources said its unit Nova Embun Sdn Bhd had entered into a sale of business agreement with DNest Aviation Services Sdn Bhd and DNest Aviation Training Centre Sdn Bhd (DATC) to acquire their business assets .

It said the acquisition would be financed a combination of internal funds and bank loan.

The principal activities of DNest Aviation are the provision of hangarage services, while DATC's principal activities are the provision of training services.

'The proposed acquisition will therefore enhance the value of the company's business proposition and contribute positively to''Sapura Resources,' said the company.

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