WCT, TSR to build mall for RM677m in Merdeka 118 project

KUALA LUMPUR (Dec 21): WCT Holdings Bhd and TSR Capital Bhd's units have both jointly accepted a contract award worth RM676.8 million to build a shopping complex at the integrated Merdeka 118 development in Kuala Lumpur.

Their wholly-owned subsidiaries — WCT Bhd (WCTB) and TSR Bina Sdn Bhd (TSRB) — both accepted and executed the Letter of Acceptance today issued by PNB Merdeka Ventures Sdn Bhd for the project.

Subsequently, WCTB and TSRB shall in due course form an incorporated joint venture company, on a ratio of 51:49 respectively, to undertake the contract.

"The shopping complex to be constructed forms part of the integrated development undertaken by PNB Merdeka Ventures known as Merdeka 118, comprising amongst others the PNB 118 Tower, the Park Hyatt Hotel, and an observation deck," both WCT and TSR Capital said in separate stock exchange filings today.

The scope of works for the contract generally includes the construction and completion of an eight-level shopping complex podium, including the architectural works for the basement, retail area, residential drop-off and core, tower link bridge and external works.

The contract is expected to commence on Jan 2, 2019 and be completed within 30 months.

WCT's shares closed unchanged today at 67.5 sen, for a market value of RM965.1 million. TSR Capital, meanwhile, last closed at 30 sen on Dec 19, which valued it at RM52.34 million. — theedgemarkets.com

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