WCT joint venture secures RM926m Abu Dhabi residential sub-contract

PETALING JAYA (July 7): WCT Holdings Bhd has, via a 50:50 joint venture (JV) in the United Arab Emirates (UAE), accepted a sub-contract letter of award for the Yas Riva Residences Works Package on Yas Island in Abu Dhabi, with a sub-contract sum of 836 million dirham (RM926.2 million).

In a Bursa filing yesterday, the group said its wholly-owned subsidiary WCT International Sdn Bhd (WCTISB) and UAE-incorporated Construction General Contracting House Ltd (CGCH), through a 50:50 unincorporated joint venture, will jointly undertake, execute and complete construction works for the project owned and developed by Aldar Development LLC – O.P.C.

The package comprises the construction and completion of six residential buildings, each with 11 levels, on Plots C54 and C55, together with one common basement.

Following acceptance of the sub-contract, WCTISB and CGCH will, as soon as reasonably practicable, either directly or through their respective wholly-owned subsidiaries, establish an incorporated joint venture company on a 50:50 basis to undertake and execute the works.

The sub-contract works are expected to commence in the third quarter of 2026 and are scheduled for completion within 1,218 days from commencement.

The filing also stated that none of WCT's directors, major shareholders or persons connected to them has any direct or indirect interest in the sub-contract.

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