Sapura Resources to dispose of aviation business to Royal Jet

KUALA LUMPUR: Sapura Resources Bhd has entered into a non-binding conditional Heads of Agreement with Royal Jet LLC on June 23 to dispose of ordinary shares in its two wholly-owned subsidiaries.

The disposal involved 37.50 million ordinary shares representing the entire issued share capital in Sapura Aero Sdn Bhd and 42.45 million ordinary shares in DNEST Aviation Sdn Bhd, it said in a filing with Bursa Malaysia today.

Royal Jet was incorporated in the United Arab Emirates and its main area of business includes ad-hoc and block charter, VIP aircraft services, full turnkey aircraft management, aircraft brokerage, full-service fixed based operation, flight support services, aircraft maintenance, aircraft acquisitions and aviation consulting services.

According to news reports on Tuesday, RoyalJet intends to establish a presence in the Southeast Asian private aviation market, by designating Subang Airport as its regional hub for private charters and for maintenance, repair and overhaul business. - Bernama

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