WCT to focus on property development
Business & Markets 2012
Written by Chua Kai Shen of theedgemalaysia.com
Wednesday, 21 November 2012 12:33
KUALA LUMPUR (Nov 21): WCT BHD [], a real estate developer and civil engineering CONSTRUCTION [] company, intends to focus on its property development segment in the future, according to its deputy managing director Goh Chin Liong.
Hog said this at a press conference after WCT’s extraordinary general meeting (EGM) on Wednesday.
“In our five year business development plan, we intend to increase the operating profits contribution of the property development segment from 21% (in 2011) to 30% (in 2016),” he said.
As of 2011, the earnings base of the engineering & construction segment stands at 64%. The property development segment contributes 21% of the company’s operating profits, whereas the investment and management segment contributes 15%.
Earlier, WCT had each of the proposed resolutions agreed by shareholders at the EGM.
One of the resolutions was the bonus issue of 180.25 million new ordinary shares and 240.34 million free warrants.
The proposed bonus issue, which was announced earlier on the 6th of September, comprises of a 3-for-20 bonus ordinary share issue and a bonus issue of 1 free warrant for every five ordinary shares held. Both exercises will be implemented concurrently.
The bonus issue will increase WCT’s authorized share capital to a minimum of RM1.1 billion comprising 2 billion ordinary shares of RM0.50 each and 1 billion preference shares of RM0.10 each.
WCT’s current authorized share capital is RM800 million, comprising 1.4 billion ordinary shares of RM0.50 each and 1 billion preference shares of RM0.10 each