WCT to gain RM45.5mil from land sale

File pic shows a model of a WCT project. - The Star

PETALING JAYA: WCT Holdings Bhd is expected to make a gain of RM45.5mil from its proposed disposal of 12 pieces of vacant freehold land in Serendah, Selangor.

In a filing with Bursa Malaysia, the company said its indirect wholly-owned subsidiary Jubilant Courtyard Sdn Bhd had entered a sale and purchase agreement to dispose of the plots of land, collectively measuring 602.5 acres, for a total cash consideration of RM214.3mil, to MDCon (Simpang Empat) Sdn Bhd.

It said the proposed disposal would provide an opportunity for the group to unlock and realise the value of the parcels of land as well as to fund its working capital (including business expansion) and/or repayment of bank borrowings.

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