KUALA LUMPUR (March 9): WTK Holdings Bhd is acquiring a second frozen food company to "create synergies" with the existing frozen food business.

The diversified group said its wholly owned subsidiary Kuching Plywood Bhd (which currently is involved in manufacturing plywood) is buying Interglobal Vision (Food Processing) Sdn Bhd for RM2.8 million.

Interglobal Vision's current owner is TMC Importer & Exporter Sdn Bhd.

In June 2022, WTK completed the acquisition of another frozen food firm, Sing Chew Coldstorage Sdn Bhd.

WTK said the latest acquisition will be funded by internally generated funds.

Shares in WTK closed up 0.5 sen or 1.05% at 48 sen, giving the group a market capitalisation of RM231 million.