WCT delays placement exercise; to sell properties to raise RM500mil

WCT reported a net profit of RM32.07mil on the back of RM581.01mil in revenue for the second quarter ended June 30.

KUALA LUMPUR : WCT Bhd has opted to delay its private placement exercise and will move towards disposing key property assets in a bid to pare down its debts.

According to AmInvestment Bank Research in a note yesterday, the group’s management felt that a placement would not justify the subsequent earnings dilution, particularly given its depressed share price.