Wah Seong unit sells Spirolite stake

Wah Seong pipes coating factory. (File pic)

PETALING JAYA: Wah Seong Corp Bhd’s indirect, wholly-owned subsidiary, Syn Tai Hung Trading Sdn Bhd, is disposing of a 70% stake in of Spirolite (M) Sdn Bhd for RM30.37mil.

In a filing with Bursa Malaysia yesterday, Wah Seong said the disposal signifies divestment of non-core businesses within the group and to streamline its business operations.

Wah Seong said Syn Tai had entered into a share purchase agreement with Lesso Malaysia Holdings Sdn Bhd (LMHSB) on Thursday for the disposal.

“The rationale is to collaborate with LMHSB, who is the current market leader that possess state of the art technology in the pipeline manufacturing business and wide international network, which is capable of elevating the business to the next level.”

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