WCT and Bina Puri are among the more active contractors in Sabah over the past few years
KLANG: Construction and property developer, WCT Holdings Bhd
, is looking to raise more than RM500mil over the next six months via the monetisation of its assets.
WCT chairman Datuk Ahmad Sufian said on Friday the monetisation is aimed at improving the company's cashflow and more importantly, use the proceeds of sales to reduce the net gearing to 0.5 times from 0.8 currently.
However, he was tight-lipped, over providing more details on the process.
"We are still in discussions and planning. We will continue towards monetisation, because we have a lot of assets on our books and it is the right time to do so," he told a media briefing after the AGM.
WCT's pre-tax profit fell to RM25.19mil in the first quarter ended March 31, 2016 (Q1, FY16) from RM42.75mil a year ago. Revenue, however, increased to RM484.96mil from RM351.62mil.
WCT head of corporate and finance, Chong Kian Fah said for this year the company is aiming for a RM10bil construction tender book, of which RM5bil has been submitted, while the another RM5bil is under preparation.
As at March 31, 2016, WCT had an outstanding construction order book of RM4.4bil as well as unbilled property sales of RM551mil. - Bernama
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