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KUALA LUMPUR: WCT Holdings Bhd’s wholly-owned subsidiary WCT Bhd (WCT) has received a contract worth RM70.4 million from 1MDB Real Estate Sdn Bhd, a subsidiary of 1Malaysia Development Bhd (1MDB).
The contract will see WCT taking on the proposed earthworks of Lifestyle Quarter for Phase 1 of the proposed mixed development at the Tun Razak Exchange in the heart of Kuala Lumpur.
In a filing with Bursa Securities yesterday, the group said the scope of work consists of earthworks, rock probing and grouting works, with a target for completion by November 2016.
“The contract is expected to contribute positively to the group’s future earnings and net assets,” the group said in the filing.
WCT Holdings closed unchanged at RM1.45, with 396,200 shares traded, giving a market capitalisation of RM1.72 billion.
This article first appeared in The Edge Financial Daily, on Oct 6, 2015.
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