WTK Holdings sees ‘no material impact’ from winding-up petitions

This article first appeared in The Edge Malaysia Weekly, on June 12, 2017 - June 18, 2017.
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WTK Holdings Bhd says there will be “no material impact” on the group arising from the winding-up petitions against companies related to the group.

The Edge reported last week (Issue 1165, June 5) that Datin Kathryn Ma Wai Fong, who is the widow of the late Datuk Wong Kie Nai — the former CEO of WTK Holdings — had gone to court last month seeking orders to dissolve the family’s private investment vehicle WTK Realty Sdn Bhd, as well as Leasewell Leasing Sdn Bhd, Tekun Enterprises Sdn Bhd, WTK Trading Sdn Bhd, WTK Enterprises Sdn Bhd, Sunrise Megaway Sdn Bhd, Faedah Mulia Sdn Bhd, WTK Realty Builder Sdn Bhd, Unibaru Sdn Bhd, Salwong Sdn Bhd and WTK & Co Sdn Bhd.

In a filing with Bursa Malaysia last Tuesday, WTK Holdings says the winding-up petitions filed by Ma are against companies that are related parties and not subsidiaries of WTK Holdings.

“WTK Holdings and its group of companies are not party to nor are involved in any of the winding-up petitions mentioned in the aforesaid article,” it adds.

Thus, it sees the winding-up petitions as having no material impact on the group.

WTK Holdings also states that it posted a net profit of RM21,000 on revenue of RM689.67 million in its audited financial statement for the financial year ended Dec 31, 2016 (FY2016). The FY2016 figures used in The Edge’s article were unaudited and based on WTK Holdings’ filing with Bursa on Feb 28 this year.