Friday 29 Mar 2024
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KUALA LUMPUR (Mar 17): Flight training operator APFT Bhd is mulling the purchase of two turboprop aircraft, valued at US$6 million (RM22.17 million), which it intends to turn into air taxis.

APFT (fundamental: 0.2; valuation: 0.9) told Bursa Malaysia today that its wholly-owned subsidiary APFT Services Sdn Bhd (ASSB) has entered into a memorandum of understanding (MoU) with Hong Kong-incorporated Evektor Asia Pacific Ltd (EAP) to discuss the possible purchase.

APFT said the aircraft are both Evektor EV-55 Outback and equipped with twin Pratt & Whitney PT6A-21 turboprop engines, and that they come “together with all parts, items of equipment, instruments, components and accessories installed”.

The group said the jets will be used for air taxis and tourism connectivity services between the resort islands of Pangkor, Tioman, Redang, and Langkawi.

Under the MoU, the acquisition is subject to, among others, the written approval of ASSB’s board of directors and the verification by ASSB that the price of the aircraft is at par with market value.

APFT said the MoU is not expected to have any material effect on the share capital, net assets and earnings of the company for the financial year ending March 31, 2016.

APFT closed 1 sen or 6.67% higher at 16 sen today, which gives it a market capitalisation of RM50.43 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.)

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