WCT withdraws share options for independent directors proposal

KUALA LUMPUR (Jun 5): WCT Holdings Bhd has withdrawn a proposal to grant share options to its independent non-executive directors from being put forward for voting in Wednesday’s annual general meeting (AGM).

The decision was made after taking into consideration feedback received from shareholders and stakeholders, and in consultation with the independent non-executive directors, the group said in a filing with Bursa Malaysia yesterday.

The independent non-executive directors are Tan Sri Marzuki Mohd Noor, Datuk Ab Wahab Khalil, Datuk Ng Sooi Lin and Ng Soon Lai.  

WCT Holdings recently announced that its net profit for the first quarter ended March 31, 2018 increased 16.9% to RM38.39 million from a year ago on higher construction billings from local infrastructure projects.

The group has been mentioned as among the companies expected to be impacted by the new Federal government’s surprise announcement of the termination of Klang Valley’s third mass rapid transit line (MRT3) project.

WCT Holdings’ share price rose 3.05% or 2.5 sen to close at 84.5 sen yesterday with 6.74 million shares traded, giving it a market capitalisation of RM1.19 billion.

The share price has fallen by 34% since the May 9 general election. — theedgemarkets.com

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