Friday, July 13, 2012

WCT ... Jul12


Its RM5.5bil tender book, a strong balance sheet and efficient cost structure, could see it clinch more jobs in the next two years (2012-2013). Year-to-date contract wins is RM704mil. Larger jobs in the pipeline are My Rapid Transit stations, PLUS highway widening, and expressways in the United Arab Emirates and Oman . WCT is keen to get its maiden railway project, something it lacks in its 31-year history.
Its current strategy is to maintain construction margins going forward. This is achievable in the near term given accelerating recognition for its Qatar building job (RM1.1bil outstanding).

Its RM493mil unbilled sales are anchored by Bandar Parklands and 1 Medini.

Opportunistic landbanking in recent years has also created a mix of products. Its 56-acre land in Bandar Bukit Tinggi may be launched this year and is earmarked for high-end homes. This will benefit from the matured surrounding township and nearby AEON Mall. For affordable homes, it has a project in Rawang with a gross development value (GDV) of RM4bil.

WCT has 1.7 million sq ft of retail space now with the opening of Paradigm Mall.

Its 57-acre OUG land (of RM4bil GDV) will include another one million sq ft mall and other residential or commercial developments.

WCT has announced the following related to the ongoing arbitration for the Nad Al Sheba Dubai racecourse project. First, the dispute and claims of the joint venture (JV) between WCT and Arabetec had been revised several times and is about 2.8 billion emirati dirhams currently (July 2012). Second, Meydan has taken the position that the case has expired by effluxion of time. After deliberation, the Arbitration Tribunal had on June 9 rejected conclusively Meydan's submission that the arbitration proceedings have expired. Third, the JV had received a civil suit/counter claim from Meydan on June 26, 2012 for a sum of 3.5 billion emirati dirhams. Lastly, WCT will continue to pursue its claim pursuant to the on going arbitration proceedings and will take all necessary steps to defend and/or oppose the civil suit filed by Meydan.

Its officials said there are no little grounds for Meydan's civil suit. This is because there is an ongoing valid and binding arbitration between Meydan and the JV, and it is clearly stated in the contract that any disagreements shall be settled via this process.

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