KUALA LUMPUR: Sapura Resources Bhd has not decided on the sale of its wholly owned subsidiary Sapura Auto Sdn Bhd's BMW dealership, the company said today.

In a statement to Bursa Malaysia, Sapura Resources clarified that "no finalised decision on the matter has been made by the company" and that it would make the necessary announcement to the exchange when the time was right.

Sapura Resources was responding to a query from Bursa Malaysia in relation to an article in The Edge Financial Daily on Wednesday with the headline "Sime Darby firms up takeover of Sapura Auto".

The Edge Financial Daily had reported that Sime Darby Bhd was believed to have concluded negotiations to acquire Sapura Auto's BMW dealership for about RM50 million. The dealership is located on a piece of freehold land measuring 60,000 sq ft in Jalan Tun Razak, Kuala Lumpur, and has a net book value of RM24.8 million.

According to the report, the remainder of the speculated RM50 million price tag could stem from Sime Darby acquiring stock such as in cars and possibly parts and machinery from Sapura Auto.