by BERNAMA/ pic credit: www.wct.com.my
WCT Holdings Bhd’s whollyowned subsidiary WCT Bhd has secured a RM1.2 billion contract from Jendela Mayang Sdn Bhd (JMSB) to undertake superstructure works for parcel two of the Pavilion Damansara Heights development project.
In a filing with Bursa Malaysia today, WCT Holdings said the job entailed execution and completion of one block of a 32-storey office and hotel on a podium block comprising retail spaces, mezzanine floors, lower ground floor and basement carpark.
Within the job scope also are two blocks of residential tower, hard and soft landscape works and external works and a MRT link bridge.
WCT Bhd is bound to complete the proposed project, scheduled to commence in May this year, in 42 months.
The acceptance of the contract is considered a recurrent related party transaction between the WCT Group and JMSB, by virtue of Tan Sri Lim Siew Choon, the executive chairman and major shareholder of WCT, who is also a substantial shareholder and director of JMSB.
“As such, Lim has abstained from all deliberations and decisions relating to acceptance of the contract,” WCT Holdings said.