Wing Tai's Malaysia subsidiaries sell KL property and land for S$79.4m

TWO of Wing Tai Holdings' subsidiaries in Malaysia have agreed to sell a Kuala Lumpur development and the freehold land it sits on for RM243.8 million (S$79.4 million), said an exchange filing on Thursday evening.

The subsidiaries are Seniharta and DNP Jaya (DNPJ), and the buyer is Malaysia-based Paramount Property (Citiview), a wholly-owned subsidiary of Paramount Corporation.

The piece of freehold land measures approximately 3,849 square metres. The development is Kodominium 8 Ampang Hilir; it consists of 132 units of low-rise apartments held under individual strata titles, and occupies a total of 14,535 square metres, said the filing.

Wing Tai said the consideration to be paid to Seniharta is RM82.2 million; that paid to DNPJ is RM 161.6 million. The total amount will be paid in cash.

The company added that the disposal is not expected to have a material impact on the group's net asset value and is expected to contribute to its earnings for the current financial year.

Wing Tai's shares closed at S$1.73 on Thursday, down S$0.02 or 1.143 per cent from the previous day.