WCT active, jumps 8.08% on winning civil suit appeal in Dubai

KUALA LUMPUR (July 25): WCT Holdings Bhd shares jumped 8.08% in active trade this morning after the highest civil appeal court in Dubai ruled in favour of WCT in a civil suit brought against it by Dubai-based Meydan Group LLC and the court has dismissed the appeal filed by Meydan.

At 9.27am, WCT rose 8 sen to RM1.07 with 19.85 million shares done

Meydan had filed the suit against WCT Bhd (Dubai Branch), as well as Arabtec Construction LLC, for a sum of 3.5 billion UAE dirham (RM3.89 billion).

WCT (Dubai) had initiated the arbitration proceedings against Meydan in 2009, with regards to the cancellation of the Nad Al Sheba race course project in Dubai. — theedgemarkets.com

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