WCT (9679) - WCT sells Klang hotel for RM16.1m in related party transaction

KUALA LUMPUR (Dec 23): Construction and property development group WCT Holdings Bhd ( Valuation: 2.00, Fundamental: 0.80) is selling a boutique hotel located in Bandar Bukit Tinggi 2, Klang, Selangor, to its managing director Taing Kim Hwa via his private vehicle, Beyond Century Sdn Bhd, for RM16.1 million.

In a filing with Bursa Malaysia today, WCT said Gemilang Waras Sdn Bhd, a wholly-owned subsidiary of WCT Land Sdn Bhd, which in turn is a wholly-owned unit of WCT, yesterday signed a sale and purchase agreement with Beyond Century for the proposed sale.

Gemilang Waras is the developer of "The Lead" at Bandar Bukit Tinggi 2, a freehold integrated commercial development that comprises two towers of serviced apartments, a boutique hotel and commercial retail shops.

Taing is a major shareholder of WCT, as well as a director of Gemilang Waras.

Spanning 4.171ha, WCT said the eight-storey boutique hotel features 98 rooms together with 34 car park bays. It is currently under construction.

WCT expects to complete the sale of the hotel by the fourth quarter of 2018.

WCT shares closed up 21 sen or 13.91% today at RM1.72, bringing a market capitalisation of RM2.05 billion.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive

WCT 9679 - WCT sells Klang hotel for RM16.1m in related party transaction
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