WTK unit served with winding-up petition

PETALING JAYA: WTK Holdings Bhd’s wholly-owned subsidiary Alanya Marine Ventures Sdn Bhd (AMV) has been served with a winding-up petition by its director Goh Chung Sen, who claimed for RM1.46 million being outstanding advances made to AMV by him.
The winding-up petition was presented to the High Court in Kuala Lumpur on Dec 18, 2017. The hearing of the petition at High Court is fixed on Feb 22, 2018.
In a stock exchange filing, WTK said due to a downturn in the oil and gas industry, AMV, despite its best efforts, has not been able to repay the advances.
“AMV is not a major subsidiary of WTK under the definition of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd. The company’s total cost of investment in AMV is RM87.1 million,” it said.
WTK said the winding-up proceedings are not expected to have material impact on the group’s financial and operations.
“The expected losses arising from the winding-up proceedings are minimal. WTK group and AMV do not at this time intend to contest the petition so as to facilitate and allow the orderly winding up of AMV,” it added.
WTK closed up 1.45% at 70 sen today with 50,000 shares done.