W T K Holdings Berhad entered into share sale agreement to acquire 11.25% stake in Durafarm Sdn. Bhd. from Datuk Robert Lawson Chuat for MYR 21.2 million.

W T K Holdings Berhad (KLSE:WTK) entered into share sale agreement to acquire 11.25% stake in Durafarm Sdn. Bhd. from Datuk Robert Lawson Chuat for MYR 21.2 million on May 3, 2024.

Biofarm will acquire 1.6 million shares, representing 11.25% equity interest in Durafarm for a total cash consideration of MYR 21.2 million. In a separate transaction, Biofarm will also acquire 0.5 million shares representing 3.75% equity interest in Durafarm for a total cash consideration of MYR 7 million. Post these deals, BioFarm Venture will increase its equity interest in Durafarm from 70% to 85%.

The agreements are not inter-conditional upon each other. Consideration payable in cash shall be satisfied entirely via a combination of internally generated funds of WTK Group and bank borrowings. Durafarm reported revenue of MYR 10.9 million and profit after tax of MYR 8.6 million on December 31, 2023.

The acquisition are expected to complete in the 3rd quarter of 2024.