New Toyo International's (SGX:N08) subsidiary, Tien Wah Properties (TWP), has transferred the lease for a multipurpose banquet hall to another subsidiary, Tien Wah Press Services (TWPS).

The banquet hall is located in a mall in Malaysia and was previously leased to Toyoma Aluminium Foil Packaging. Under the terms of the deed of assignment, TWPS will now be responsible for managing and operating the banquet business within the hall until July 31, 2030.

The transfer aligns with New Toyo International's strategic initiative to streamline the leasing of event spaces within the group, it said.