WTK Holdings’ operations disrupted by fire in Penang


PETALING JAYA: WTK Holdings Bhd manufacturing plant in Perai, Penang, has been hit by fire.

In a filing with Bursa Malaysia, the timber harvester and product maker said the operations affected by the fire incident are the office area and tapes coating production lines.

“The finishing and the main store areas are not affected by the fire incident.”

WTK said the fire occurred at the manufacturing plant of Loytape Industries Sdn Bhd, a wholly-owned subsidiary of the company.

“The management of Loytape has initiated remedial action to minimise the operation disruption after the fire incident.

“It did not result in any casualties and the fire department is in the midst of conducting an investigation to ascertain the cause of the incident.”

At this juncture, WTK Holdings said it has yet to ascertain the full financial and operational impact in relation to the mishap.

“The preliminary estimate of the impact on the earnings of WTK Group is not expected to be substantial and will be mitigated by the adequate insurance on assets and consequential business losses.”

Additionally, WTK Holdings wholly-owned subsidiary, WTK Capital Sdn Bhd, has proposed an Islamic medium-term notes programme of up to RM1bil in nominal value based on the syariah principle of wakalah bi al-istithmar (sukuk wakalah programme).

“The tenure of the sukuk wakalah programme shall be up to 30 years from the date of first issuance of the sukuk wakalah.

“The first issuance of the sukuk wakalah under the sukuk wakalah programme shall be made within 90 business days from the date of lodgement or such other timeframe as may be imposed by the Securities Commission,” it said in a filing with Bursa Malaysia yesterday.

It said WTK Capital may issue the sukuk wakalah from time to time and the proceeds raised shall be utilised by WTK Holdings and its subsidiaries, except for subsidiaries involved in the food business operations, for the syariah-compliant purposes, particularly capital expenditure, working capital, and general corporate purposes.

RHB Investment Bank Bhd is the principal adviser, lead arranger and lead manager for the sukuk wakalah programme. –– Agencies

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WTK , fire , incident , insurance

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