WTK Holdings Bhd has proposed to dispose of three industrial leasehold properties in Seberang Perai Tengah, Penang, to NationGate System Sdn Bhd for RM38 million in cash.
In a filing with Bursa Malaysia, WTK said its wholly-owned subsidiary, Loytape Industries Sdn Bhd, had entered into a sale and purchase agreement with NationGate System for the proposed disposal.
The properties have a combined land area of approximately 265,003 sq ft and comprise two parcels of land with factory, office and ancillary buildings, together with a third parcel of vacant land. All three properties are located in Seberang Perai Tengah, Penang.
WTK said the agreed disposal price of RM38 million represents a 15.5% premium over the properties’ combined market value of RM32.9 million.
The proposed sale is expected to generate an estimated net pro forma gain of RM30.46 million after accounting for the properties’ audited net carrying amount and estimated real property gains tax.
The disposal will allow WTK to unlock value from its existing industrial assets, while the transaction will transfer ownership of the properties to NationGate System upon completion, subject to the terms and conditions of the sale and purchase agreement.
