KUALA LUMPUR, SkyGate Solutions Bhd, formerly known as Ewein Bhd, has announced the sale of its Penang factory to Danish medical device manufacturer Ambu AS for RM39.8 million.
In a filing with Bursa Malaysia, the company said its 98%-owned subsidiary, SkyGate Integration Sdn Bhd, has entered into a conditional sale and purchase agreement with Ambu Sdn Bhd for the disposal of a 1.8-acre leasehold parcel and its accompanying factory building.
SkyGate explained that the divestment aims to free up capital for reinvestment into high-growth ventures to strengthen the group’s profitability, though details on the utilisation of proceeds were not revealed.
The RM39.8 million consideration was determined based on current market conditions and a willing-buyer, willing-seller arrangement, taking into account the strategic location of the property. No independent valuation was conducted, it added.
SkyGate Integration originally purchased the Bayan Lepas factory in April 2017 for RM15.2 million. The latest transaction is expected to be completed by July 2026.
Founded in 1937, Ambu is a Denmark-based global medical device company specialising in single-use endoscopy, diagnostic and life-support equipment.
Earlier this year, SkyGate raised its ownership in SkyGate Integration from 51% to 98% through the acquisition of an additional stake from founder Ong Chee Fui for RM9.8 million via a share issuance exercise completed in August. The remaining 2% stake is held by Sharp Capital Sdn Bhd, owned by Lee Koh Yung.
On Tuesday, SkyGate’s shares closed 1.5 sen or 1.88% lower at 78.5 sen, giving the group a market capitalisation of RM263.61 million.
