W T K Holdings Berhad (KLSE:WTK) entered into letter of intent to acquire 70% stake in Durafarm Sdn. Bhd. from Ocarina Development Sdn Bhd for approximately MYR 130 million on March 22, 2023. W T K Holdings Berhad entered intoshare sale agreement to acquire 70% stake in Durafarm Sdn. Bhd. from Ocarina Development Sdn Bhd for approximately MYR 130 million on August 11, 2023. As per the transaction, W T K Holdings Berhad will acquire 9.8 million shares of Durafarm Sdn. Bhd. The transaction will be financed from internally generated funds and bank borrowings. As of March 31, 2023, Durafarm Sdn. Bhd. generated net assets of MYR 82.1 million. The transaction is subject to winding up court approval and is expected to be completed in the 4th quarter of 2023. The transaction was approved by the shareholders of W T K Holdings. Strategic Capital Advisory Sdn. Bhd. and UOB Kay Hian Securities (M) Sdn Bhd. acted as financial advisors, Strategic Capital Advisory Sdn. Bhd. acted as fairness opinion provider, Lee Hishammuddin Allen & Gledhill acted as legal advisor to W T K Holdings Berhad.

W T K Holdings Berhad (KLSE:WTK) completed the acquisition of 70% stake in Durafarm Sdn. Bhd. from Ocarina Development Sdn Bhd on January 5, 2024.