WTEC Group to acquire RM7.74m Semenyih factory for expansion

PETALING JAYA (Aug 18): WTEC Group Bhd plans to acquire a two-storey bungalow factory under construction in Semenyih, Selangor, for RM7.74 million, which it said would accommodate its future manufacturing expansion.

In a Bursa Malaysia announcement on Monday (Aug 17), WTEC Group said its wholly-owned subsidiary WTEC Sdn Bhd had entered into a sale and purchase agreement (SPA) with Hartanah Lotus Sdn Bhd for the proposed acquisition.

The freehold property, identified as Lot 7 under title HSD 116268, is located at I.MAS Industrial Park @ Bandar Rinching in Mukim Semenyih, Ulu Langat district. It has a land area of about 21,934 sq ft and an expected built-up area of about 11,860 sq ft upon completion.

Under the SPA, vacant possession is to be delivered within 24 months from the date of the agreement, subject to WTEC paying the installments and other monies due and complying with its obligations under the SPA. 

WTEC Group said the RM7.74 million consideration was arrived at on a willing-buyer willing-seller basis after taking into account the price offered by the developer, which is the same price offered to other interested buyers, and is based on prevailing market conditions for similar industrial properties in the vicinity.

The group said no valuation was conducted for the proposed acquisition.

WTEC Group, which manufactures and trades foam and non-foam products, said the factory is close to an industrial building recently acquired by the group. The additional premises would provide greater flexibility to expand its manufacturing capacity, install additional machinery and equipment and improve its manufacturing processes.

Barring unforeseen circumstances, the proposed acquisition is expected to be completed by the third quarter of 2028.

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