WCT’s Vietnam project called off

KUALA LUMPUR: WCT Holdings Bhd said the investment certificate granted to its indirect 67%-owned subsidiary BSC-WCT Co Ltd to undertake the proposed RM1 billion Platinum Plaza development project in Ho Chi Minh City, Vietnam, has been revoked by the Ho Chi Minh City People’s Committee.

In a Bursa Malaysia filing yesterday, WCT said it had on Wednesday received a decision letter from the Ho Chi Minh City People’s Committee about the revocation, but it did not state why.

“The company [WCT] will cease to proceed with the proposed project which has yet to commence [and will start] the liquidation process on BSC-WCT in accordance with the current laws and regulations of the Ho Chi Minh City People’s Committee,” said WCT.

The remaining 33% equity in BSC-WCT is held by Minh Thien Construction and Trading Co Ltd — a Vietnamese private limited liability company involved in construction and trading businesses.

WCT was awarded the investment certificate by the Vietnamese government in December 2007.

This article first appeared in The Edge Financial Daily, on February 28, 2014.

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