KUALA LUMPUR: Sapura Resources Bhd is planning to a sell a 51% stake in its commercial aircraft maintenance, repair and operations (MRO) unit to Turkish Airline.？

       The company, in a filing with Bursa Malaysia today said Sapura Technics Sdn Bhd (STSB) has entered into a Heads of Agreement (HOA) with Turkish Airlines Technic Inc to set out the preliminary terms which will form the basis for the subscription agreement.

       "Turkish Airlines Technic wishes to subscribe to new ordinary shares in STSB, which is equivalent to 51% of the enlarged share capital of STSB," it said.

       The issue price, Sapura Resources said will be based on the net present value (NPV) of STSB, which will be determined by an independent due diligence & valuation and subject to negotiation between the parties.