WCT unit gets RM467m contract for Bahrain hotels

PETALING JAYA: WCT Bhd’s 50%-owned Cebarco-WCT WLL has received the duly executed contract for the execution and completion of fit-out works at Bahrain City Centre Hotels in Manama for a total of BD51,178,133 (about RM467mil).

In a filing with Bursa Malaysia, WCT said the contract was awarded by MAF Investments Bahrain BSC (C) and the date of full completion and handover of the works was Dec 16.

“The contract is expected to contribute positively to the earnings and net assets of the group for the financial year ending Dec 31,” it said.

It said the contract was in relation to the issuance of a letter of intent from MAF for an initial value of BD27,000,000 (about RM246mil) on the announcement that was made on August 23, 2007.

The announcement also stated that the final sum shall be determined upon finalisation of all matters relating to the specification of the works involved and agreement of subcontract values.

WCT has just accepted a contract awarded by Malaysia Airports Holdings Bhd last December for the works under the proposed development of the new low-cost carrier terminal and associated works worth RM363mil.

For the first nine months ended Sept 30, 2009, it registered a net profit of RM114.5mil from a revenue of RM3.46bil.

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