WTK Holdings Bhd (WTK) is proposing to dispose of three industrial leasehold properties in Seberang Perai Tengah, Penang, to NationGate System Sdn Bhd for a total cash consideration of RM38 million.
The company said its wholly-owned subsidiary Loytape Industries Sdn Bhd entered into a sale and purchase agreement with NationGate System on Sept 30, 2026.
The transaction covers three parcels of industrial leasehold land together with assets erected on them. Lot 692 carries a disposal consideration of about RM19.60 million, Lot 682 about RM12.15 million and Lot 2806 about RM6.25 million.
WTK said the proposed disposal forms part of the group’s ongoing strategy to optimise and rebalance its asset portfolio.
The group noted that following a fire at its Seberang Perai manufacturing facility in early 2025, it accelerated the transformation of its tapes business towards a leaner, asset-light model.
Under the new approach, the business is shifting away from manufacturing and placing greater emphasis on converting and distribution activities, which require a smaller physical footprint.
As a result, the tapes operations are expected to relocate to a smaller facility, although WTK said the location has yet to be finalised.
The proceeds are expected to be used mainly for the group’s working capital requirements.
