WTK buys 100% stake in Interglobal Vision for RM2.8mil cash

KUALA LUMPUR: WTK Holdings Bhd has proposed to acquire a 100% equity interest in Interglobal Vision (Food Processing) Sdn. Bhd. for a total cash consideration of RM2.8mil cash.

In a filing with Bursa Malaysia, WTK said its wholly-owned subsidiary company, Kuching Plywood Bhd (KPB), had entered into a share sale agreement with TMC Importer & Exporter Sdn Bhd (in liquidation) for the proposed acquisition.

The proposed acquisition entails the acquisition of 2.15 million ordinary shares in Interglobal, representing the entire equity interest in Interglobal.

Upon the completion, Interglobal will become the wholly-owned subsidiary of KPB.

Interglobal is principally engaged in the business of an importer, wholesaler and retailer of frozen food.

WTK said the proposed acquisition would be funded by internally generated funds.

“WTK Group has had a presence in the frozen food business since the completion of the acquisition of Sing Chew Coldstorage Sdn Bhd on June 15, 2022.

“The proposed acquisition is expected to create synergies with the existing frozen food business of WTK Group,” it said.

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