KUALA LUMPUR: Warisan TC Holdings Bhd
(WTCH) expects to record a net gain of RM1.85 million from the sale of an industrial property in Selangor to Leisure Event Sdn Bhd, a wholly-owned subsidiary of property developer Avaland Bhd, for RM49 million.
It was previously reported on July 1 that WTCH had divested the industrial property in Petaling Jaya to unlock value and strengthen its working capital.
In a filing with Bursa Malaysia today, WTCH said the group intends to utilise the proceeds for working capital purposes, including procurement of inventory in the ordinary course of business (RM38.24 million), capital expenditure (RM9 million), as well as expenses and taxation for the disposal (RM1.76 million).
WTCH said the disposal is being undertaken by its 75.5 per cent-owned unit, Comit Communication Technologies (M) Sdn Bhd (CCT), which has entered into a sale and purchase agreement with Leisure Event.
It added that the net book value of the property as per the audited financial statements of CCT for the financial year ended Dec 31, 2024, stood at RM45.4 million. - Bernama
