Warisan TC

WARISAN TC Holdings Bhd (WTCH) is divesting an industrial property in Petaling Jaya for RM49 million in cash, enabling the group to unlock value and strengthen its working capital for future growth initiatives.

The property, a 2½-storey office block with an annexed single-storey warehouse, sits on a 94,596 sq ft leasehold site at Lot 1A, Jalan Kemajuan, Section 13, Petaling Jaya.

It is currently occupied by two subsidiaries and a related company of WTCH.

In a filing with Bursa Malaysia, WTCH said the disposal is being undertaken by its 75.5%-owned unit Comit Communication Technologies (M) Sdn Bhd (CCT), which has entered into a sale and purchase agreement with Leisure Event Sdn Bhd, a wholly owned unit of Avaland Holdings Bhd, which in turn is a subsidiary of listed property developer Avaland Bhd.

WTCH acquired the property in 2013 for RM33.1 million.

Its latest market valuation, as assessed by Raine & Horne in April 2025, stood at RM48.5 million.

The final sale price was arrived at via a public tender managed by Savills (Malaysia) Sdn Bhd.

The net proceeds will be used to support the group’s operational needs and may be invested in new opportunities aligned with its long-term strategy.

Unutilised proceeds will be temporarily placed in deposits or short-term money market instruments.

“The board is of the opinion that the disposal is in the best interest of the Company,” WTCH said, citing the ageing lease, which expires in 2074, as a factor.

The company believes now is a prudent time to divest before the property’s value potentially diminishes further with the shortening lease.

The disposal is expected to be completed by the fourth quarter of 2025.

WTCH is 75.5% owned by Tan Chong Motor Holdings Bhd, with CCT serving as its property investment arm. — TMR

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