KUALA LUMPUR: WTK Holdings Bhd
has proposed to dispose of its entire equity interest in Piramid Intan Sdn Bhd (PISB) and Immense Fleet Sdn Bhd (IFSB) for RM40.34mil cash.
In a filing with Bursa Malaysia, WTK stated that the proposed disposal of PISB was valued at RM16mil, while the disposal of IFSB was set at RM24.34mil.
WTK said it had entered into a sale and purchase agreement (SPA) with Huang Qian Wen for the disposal of its 100% equity interest in PISB, comprising six million shares.
It also said it had entered into a separate SPA with Huang for the disposal of its 100% equity interest in IFSB, consisting of 28 million shares.
WTK said the total disposal consideration of RM40.34mil for PISB and IFSB was expected to be used as working capital for the group within 12 months of receiving the proceeds.
“WTK Group is undergoing a strategic shift to focus on more commercially sustainable and profitable business segments.
“Given the challenges faced by the timber sector, the group aims to prioritise its plantation and food operations, which have demonstrated stronger growth potential and profitability in recent years.
“Divesting from non-core timber assets allows the group to streamline its focus and allocate resources more effectively toward sectors with long-term growth prospects,” WTK said.
