WCT executes LRT3 novation agreements with Prasarana, MRCB George Kent

KUALA LUMPUR (Feb 22): WCT Holdings Bhd announced that its wholly-owned subsidiary WCT Bhd had today executed three novation agreements with Prasarana Malaysia Bhd and MRCB George Kent Sdn Bhd with regards to the proposed Light Rail Transit 3 (LRT 3) projects secured by WCT Bhd.

In a filing with Bursa Malaysia, WCT Holdings said the novation agreements entail the transfer of all rights, interest, benefits, obligations, duties and liabilities of Prasarana to MRCB George Kent, subject to the terms and conditions as stipulated in the agreements. 

WCT Holdings said: "Reference is made to the previous announcements made by the company on the acceptance of the following packages under LRT 3 project by its wholly-owned subsidiary, WCT Bhd: 

*LRT3 contractors assured of RM255m remainder payment after signing of novation agreement, says Guan Eng

*MRCB: LRT3 works to resume in 2H2019

*George Kent clarifies director’s remark on LRT3 is in private capacity

"Package TD1 – Construction and completion of Johan Setia Depot (Phase 1) and associated works. (Announcement dated 5 April 2017)

"Package GS02 – Construction and completion of guideway, stations, park and ride, ancillary buildings and other associated works from Merchant Square to Suria Damansara (Announcement dated 5 October 2017)

"Package GS03 – Construction and completion of guideway, stations, park and ride, ancillary buildings and other associated works from Suria Damansara to Temasya Glenmarie (Announcement dated 29 August 2017)."

"The entering into the novation agreements by WCT Bhd has no material effect on the operations and financial position of the company and its subsidiaries (WCT Group)," WCT Holdings said.

— theedgemarkets.com

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