This article first appeared in The Edge Financial Daily on September 20, 2017

KUALA LUMPUR: WCT Holdings Bhd has been awarded a RM199.5 million contract to build two elevated stations under the Sungai Buloh-Serdang-Putrajaya mass rapid transit 2 (MRT2) project.

The contract to build the Kuchai Lama and Taman Naga Emas stations was awarded by Mass Rapid Transit Corp Sdn Bhd.

WCT said the contract followed an earlier contract that it got last November, which entailed the construction of viaduct guideway and related works from Bandar Malaysia South Portal to Kampung Muhibbah, worth RM896.4 million.

“The station works form part of WCT’s prime cost sum under the main contract. With this latest award of the station works directly to WCT instead of a nominated subcontractor, the overall construction margin is expected to improve accordingly,” WCT said in a filing with Bursa Malaysia.

WCT, a construction, infrastructure and property development firm, is controlled by tycoon Tan Sri Desmond Lim, who is also a controlling shareholder of Malton Bhd and Pavilion Real Estate Investment Trust.

The MRT2 line is expected to be fully operational by the second quarter of 2022. It consists of 37 stations, of which 11 are underground.

WCT’s share price rose four sen or 2.31% to close at RM1.77 yesterday, with a market capitalisation of RM2.51 billion.