WCT buys 60% stake in Subang Skypark

PETALING JAYA: WCT Holdings Bhd has acquired 60% equity interest in Subang Skypark Sdn Bhd (SSSB) for RM44.56 million cash.
In a filing with Bursa Malaysia today, the group said the acquisition would enable it to invest in SSSB which has potential for value enhancement, as well as potential for development of the car park area into a mixed commercial development.
“It also allows the WCT Group to diversify into the ground handling for private aviation business as well as hangarage services which are complementary to the existing retail operations at Terminal 3,” it said.
SSSB and its two wholly owned subsidiaries, Skypark RAC Sdn Bhd and Skypark FBO Sdn Bhd are involved in the development of commercial and aviation related infrastructure and facilities.
These comprise the commercial retail area of the airport terminal in Sultan Abdul Aziz Shah Airport in Subang known as Subang Skypark Terminal 3, a car parking area, a business aviation centre and a hangarage complex known as Skypark Regional Aviation Centre.
The acquisition was done via a share purchase agreement by Skyline Domain Sdn Bhd, a wholly owned subsidiary of WCT Land Sdn Bhd, which in turn is a wholly owned subsidiary of WCT.
The purchase consideration, which will be funded via internally generated funds, takes into consideration 60% of the unaudited net assets value of SSSB and its subsidiaries as at June 30, 2017 and the future prospects of the group.
WCT’s share price fell 6.87% or 9 sen to close at RM1.22 yesterday with a total of 6.22 million shares traded.