KUALA LUMPUR: WCT Holdings Bhd
will acquire the remaining 30% equity interest in Jelas Puri Sdn Bhd (JPSB) from the Employees Provident Fund (EPF) for RM140mil, making the property investment and development company a wholly owned indirect subsidiary.
In a Bursa Malaysia filing, WCT said its wholly owned subsidiary, WCT Land Sdn Bhd, had entered into a share sale agreement with EPF to acquire 93 million ordinary shares in JPSB.
The purchase will be funded entirely through internally generated funds.
JPSB is the developer of the integrated Paradigm Petaling Jaya development in Kelana Jaya, which includes The Ascent Office Tower, Le Méridien Petaling Jaya Hotel, The Azure Residences and Sapphire Paradigm. The company had divested Paradigm Mall Petaling Jaya to Paradigm REIT in June 2025.
"The acquisition will increase WCTL's equity interest in JPSB from 70% to 100%, making JPSB an indirect wholly owned subsidiary of the company.
“This will provide the group with greater flexibility in managing JPSB’s affairs and undertaking future corporate exercises, including any restructuring or rationalisation, without requiring approval from the joint venture partner,” WCT said.
WCT said the acquisition is expected to result in a pro forma net loss of about RM66.6mil, mainly due to the impairment of goodwill.
The group's pro forma net assets would decline to RM3.279bil from RM3.346bil, while its gross and net debt-to-equity ratios would increase to 0.70 times and 0.57 times, respectively.
