WCT awarded RM169m contract by 1MDB

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KUALA LUMPUR: WCT Bhd has been awarded a RM169.26 million contract by 1MDB Real Estate Sdn Bhd to undertake various works for Phase 1 of the Kuala Lumpur International Financial District or Tun Razak Exchange.In a filing with Bursa Malaysia yesterday, the company said the contract is for earthworks, retaining walls and foundation works which will span 26 months.The contract is expected to contribute positively to the group’s earnings and net assets for the 2013 financial year (FY13) to FY15.The 1MDB contract follows the RM315 million contract secured by WCT late last month from Putrajaya Holdings Sdn Bhd to construct office buildings in Precinct 2, Putrajaya.Alliance Research said in a report that the Putrajaya contract win was a positive surprise as it did not expect WCT to land any significant contract until after the general election.The research house estimated  WCT’s order book  to be around RM3.4 billion, adding that WCT is also eying other jobs which include two hospitals in Sabah, the redevelopment of Angkasapuri in Kuala Lumpur and Rapid Phase 2 earthworks.

This article first appeared in The Edge Financial Daily, on April 17, 2013.