KUALA LUMPUR, 29 October 2025 – SkyGate Solutions Berhad (formerly Ewein Bhd) has inked a conditional sale and purchase agreement to dispose of a factory building in Bayan Lepas, Penang, to Danish medical-device firm Ambu A/S for RM39.8 million. The factory sits on a leasehold parcel measuring 1.8 acres and is held via SkyGate’s 98 %-owned unit SkyGate Integration Sdn Bhd.
Strategic Rationale and Deal Details
SkyGate acquired the property in April 2017 for RM15.2 million; its net book value as at 31 December 2024 stood at approximately RM19 million.
The disposal is intended to free up capital for reinvestment into higher-growth projects aligned with the company’s repositioning strategy. According to SkyGate, the price was determined on a willing-buyer, willing-seller basis, factoring in the strategic location of the land. No independent valuation exercise was carried out.
The deal is expected to be completed by July 2026, subject to the usual approvals including state-authority and foreign ownership consents.
Implications for SkyGate and the Malaysian Industry
For SkyGate, the transaction highlights a pivot from its legacy precision-engineering factory assets towards higher-value or higher-growth segments. The capital raised offers flexibility to pursue new strategic avenues, possibly within medical-device manufacturing or adjacent high-tech operations, given the buyer’s profile.
From an industry perspective, the sale underscores Penang’s continued appeal as a destination for foreign medical-device investment, and reinforces Malaysia’s role in the regional medical-tech supply-chain pivot.
For investors, key take-aways include:
- A gain on sale potential, given the acquisition cost and book value differences.
- Enhancement of balance-sheet liquidity and opportunity to reallocate capital.
- The necessity to track what SkyGate will deploy the capital into, the nature and growth potential of the new projects will define the real upside.
- Given the leasehold expiry of the property (March 2042) and its older age (~54 years as explained in filings), the sale may also reflect asset-age and location considerations.
Outlook
While the disposal is positive from a strategic capital-allocation standpoint, execution risk remains in how SkyGate reinvests the proceeds. Success will hinge on picking new growth projects with clear return profiles, especially in a competitive tech-manufacturing environment. The move might also signal consolidation of Penang manufacturing footprints by foreign device makers, which could spur further divestments of older assets.
