WCT faces more woes

At least four research houses cut their target prices for WCT, with one downgrading the company’s shares to “sell” after the ruling was issued last Friday. According to TA Research, unless WCT could overturn the arbitration outcome, the payment was expected to increase the company’s net gearing level by about 0.05 times.

PETALING JAYA: Downward pressure piled up on WCT Holdings Bhd’s shares after the company lost its arbitration case last week.

The counter ended four sen, or 9.4% lower, at 38.5 sen yesterday amid the broad market downturn. The construction and property company was ordered to pay total of 132.54 million riyals following an unfavourable final award ruling in an arbitration case ordered by the Court of Arbitration of the International Chamber of Commerce (ICC).