KUALA LUMPUR: WTK Holdings Bhd has proposed to dispose of three industrial leasehold properties in Seberang Perai Tengah, Penang, to NationGate System Sdn Bhd for RM38mil cash.

In a filing with Bursa Malaysia, WTK said its wholly-owned subsidiary Loytape Industries Sdn Bhd entered into a sale and purchase agreement with NationGate System for the disposal.

The three properties, with a combined land area of 265,003 sq ft, comprise two parcels with factory, office and ancillary buildings and one parcel of vacant land in Seberang Perai Tengah, Penang.

WTK said the RM38mil disposal consideration represents a 15.5% premium to the properties’ combined market value of RM32.9mil.

The disposal is expected to result in an estimated net pro forma gain of RM30.46mil after taking into account the properties’ audited net carrying amount and estimated real property gains tax.

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