WCT Holdings Bhd is buying a 60% stake in Subang Skypark Sdn Bhd for RM44.56mil cash.

Subang Skypark is involved in the development of commercial retail area at the Sultan Abdul Aziz Shah Airport in Subang, known as Subang Skypark Terminal 3.

"The rationale for the acquisition is to enable WCT to invest in Subang Skypark which has the potential for value enhancement as well as for development of the car park area into a mixed commercial project" it said in a filing with Bursa Malaysia yesterday.

The move, WCT said, would also allow the company to diversify into the ground handling for private aviation business as well as hangarage services.

These businesses are complementary to the existing retail operations at Terminal 3.

The purchase price took into consideration the unaudited net-asset value of Subang Skypark Group as at June 30, 2017 and its future prospects.

Subang Skypark, through wholly-owned subsidiaries Skypark RAC Sdn Bhd and Skypark FBO Sdn Bhd, holds the concession to operate the commercial retail area of Subang Skypark, a car parking area, a business aviation centre and a hangar known as the Skypark regional aviation centre.

There are currently a number of commercial and private airlines flying out of Subang airport, including FlyFirefly Sdn Bhd, Malindo Airways Sdn Bhd, Berjaya Air and VistaJet.

Recently, it was reported that a rail link between KL Sentral and the airport will start operation in May.

WCT Holdings has an established track record in the airport retail business, being the developer and concession holder of the shopping mall known as the Gateway@KLIA2, which includes a transportation hub.