Sarawak-based diversified group WTK Holdings Bhd has agreed to dispose of three oil palm estates in Miri for a total consideration of RM221.5 million.
The transaction, reported by The Sun, involves the sale of assets held by wholly-owned subsidiaries Towering Yield Sdn Bhd, Bioworld Synergies Sdn Bhd, Biogreen Success Sdn Bhd, and Borneo Agro-Industries Sdn Bhd.
7% premium over the aggregate independent valuation of the properties.
The deal covers three separate transactions across the Positive Deal, Biogreen, and Borneo estates.
The agreed price tag reflects a 5.7% premium over the aggregate independent valuation of the properties.
WTK Holdings has indicated that the proceeds from the divestment will be primarily earmarked for debt reduction and working capital requirements.
The agreement is conditional, pending the fulfillment of specific terms outlined in the signed agreements.