Desmond Lim builds up stake in WCT

KUALA LUMPUR (March 6): Businessman Tan Sri Desmond Lim acquired another 250,000 shares in WCT Bhd yesterday, raising his direct shareholding in the construction company to 103.35 million shares or 7.36%.

Lim, who is WCT executive chairman, had prior to this round of buying, acquired 3.36 million WCT shares via eight transactions in the open market since Feb 18.

What has not changed is his indirect interest in the company through vehicle Dominion Nexus Sdn Bhd, totalling 254.57 million shares or an 18.15% stake.

This means that as of today, Lim controls a cumulative 358.03 million shares or 25.51% stake in WCT.

According to WCT’s annual report for the year ended Dec 31, 2019, Lim was the group’s largest shareholder. As of May 29, 2020, Lim controlled 335.22 million shares or a 24.01% stake in WCT.

Lim has been in the news as of late due to his plans to tear down and redevelop Plaza Batai, after acquiring it for RM100 million from Selangor Properties Bhd.

The Edge reported in January that Lim wants to build service apartments on the site.

Shares in WCT closed 5.16% or 2.5 sen higher at 51 sen yesterday, valuing the company at RM723.26 million. The counter saw 7.54 million shares traded.

WCT shares have significantly recovered from the year-ago equity rout, rising 88.89% from 27 sen on March 19, 2020.

Read the full report in this week’s The Edge Malaysia

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