KUALA LUMPUR (Sept 18): WCT Holdings Bhd said today its wholly-owned subsidiary WCT Bhd secured a RM1.77 billion mixed-property construction contract under the proposed Pavilion Damansara Heights commercial development here. WCT Holdings said WCT Bhd had on Friday (Sept 14) accepted the letter of award from Impian Ekspresi Sdn Bhd (IESB).

Today,  WCT Holdings told Bursa Malaysia the work scope for the project along Jalan Damanlela encompasses completion of nine blocks of office towers and three blocks of service apartments on a podium block. WCT Holdings said the podium block comprises retail space, mezzanine floors, besides the lower ground floor and basement car park. 

"The work under the contract are expected to be completed within a period of 38 months. The contract is expected to commence in September 2018.

"The acceptance of the contract is considered a recurrent related party transaction between the WCT Group and IESB, which is a related party, for which the company (WCT Group) had obtained its shareholders’ mandate at the company’s 7th annual general meeting held on 6 June 2018. IESB is a company in which Tan Sri Lim Siew Choon, the executive chairman of WCT has an indirect equity interest and both Tan Sri Lim Siew Choon and Datuk Lee Tuck Fook, the group managing director of WCT, sit on the board of IESB," WCT Holdings said.

In a separate statement, WCT Holdings said trading in its securities was halted between 9am and 10am today in conjunction with the announcement on the contract. At 10:05am, WCT Holdings shares rose four sen to 90 sen with some two million units traded.