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- “Upon completion of the acquisition and the transfer of the sale shares to WCTB, the joint venture company shall become a wholly-owned subsidiary of WCTB.”
KUALA LUMPUR (July 4): WCT Holdings Bhd is to acquire the remaining 49% stake in its joint venture with TSR Capital Bhd’s wholly owned unit TSR Bina Sdn Bhd (TSRB) for RM1.47 million.
WCT, via its wholly owned subsidiary WCT Bhd (WCTB), and TSRB had accepted a RM676.8 million job from PNB Merdeka Ventures Sdn Bhd to build a shopping complex at the Merdeka 118 development in Kuala Lumpur in December 2018.
Subsequently, WCTB and TSRB formed the joint venture company on a ratio of 51:49 respectively, to undertake the contract.
In a bourse filing on Monday (July 3), WCT said the joint venture company has entered into a supplemental shareholders agreement for the acquisition of the 49% stake in TSRB and the mutual termination of the shareholders agreement.
Following this, WCTB will assume full responsibility for the completion of the contract, while TSRB will exit the joint venture company on a no-gain-and-no-loss basis.
“Upon completion of the acquisition and the transfer of the sale shares to WCTB, the joint venture company shall become a wholly-owned subsidiary of WCTB,” added WCT.
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