KUALA LUMPUR: WCT Holdings Bhd’s wholly-owned subsidiary WCT Bhd has secured a RM1.2 bil 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 entails execution and completion of one block of a 32-storey office and hotel on a podium block comprising retail spaces, mezzanine floors, the lower ground floor and basement car park.
Within the job scope also are two blocks of a residential tower, hard and soft landscape works and external works, including road and drainage, water reticulation, sewerage and an MRT link bridge.
WCT Bhd is bound to complete the proposed project, scheduled to commence in May, in 42 months.
The acceptance of the contract is considered a recurrent related party transaction between the WCT Group and JMSB, as Tan Sri Lim Siew Choon, the executive chairman and major shareholder of WCT, is a substantial shareholder and director of JMSB.
“As such, Lim has abstained from all deliberations and decisions relating to acceptance of the contract,” said WCT Holdings. – March 19, 2020, Bernama