Highlight WCT JV clinches RM1.2b Qatar project

by **Cals** Mon 09 Mar 2015, 23:09

Highlight
WCT JV clinches RM1.2b Qatar project

By Chong Jin Hun / theedgemarkets.com | March 9, 2015 : 9:34 AM MYT

KUALA LUMPUR (Mar 9): [size=14]WCT Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) clinched a QAR1.22 billion (RM1.21 billion) real estate construction project in Qatar under under a joint venture (JV) there.

In a statement to Bursa Malaysia today, WCT (fundamental: 0.6; valuation: 1.8) said its unincorporated JV with Qatar-based Al-Ali Projects Co secured the project from Lusail Real Estate Development Co.

According to WCT, the contract includes construction of a commercial boulevard, light rail transit stations and underground car parks for Lusail. WCT and Al-Ali own 70% and 30% in the JV respectively.

"The contract is expected to contribute positively to the group’s future earnings and net assets.

"The award of the contract is not subject to the approval of shareholders of the company or any governmental or statutory authorities," WCT said.

WCT said the JV had received the project's letter of acceptance and notice to proceed from Lusail yesterday.

Today, WCT's share trade has been halted between 9am and 10am in conjunction with the announcement of the project.

Last Friday, the stock closed higher at RM1.63 for a market capitalisation of RM1.75 billion. This compared to its latest reported net assets per share of RM2.04.

[size=12](Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)[/size]
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