♦ 3 th and 4th key projects this year. WCT has secured two key contracts, namely: (1) A QAR1.59bn (RM1.36bn) government administrative building job in Doha, Qatar;
and (2) The Tuaran hospital project in Sabah worth RM127.8m. The latest contracts are the 3rd and 4th key jobs WCT has secured this year, boosting its YTD new contracts secured to RM2.1bn (see Table 2) and its outstanding construction orderbook by 53% to RM4.3bn
(see Table 3). Assuming an EBIT margin of 8-10%, the latest contracts will fetch RM119-149m EBIT over the construction period ending Apr/May 2013. While we are positive on the latest development, we expect limited reaction from the the market as WCT had been hinting on the Qatar job for a while by now.
WCT Berhad : Secures RM1.36bn Building Job In Qatar And RM128m Hospital Project In Sabah - 21/10/2010
Showing posts with label WCT Berhad. Show all posts
Showing posts with label WCT Berhad. Show all posts
Thursday, October 21, 2010
WCT Berhad : Secures RM1.36bn Building Job In Qatar And RM128m Hospital Project In Sabah - 21/10/2010
Monday, October 11, 2010
WCT Berhad : Secures RM486m BOT Concession For “Integrated Complex” At KLIA2 - 11/10/2010
♦ 25+10 year BOT. WCT, via a 70:30 JV with Malaysia Airports, has been awarded by Malaysia Airports a 25+10 year Build-Operate-Transfer (BOT) concession for a new “Integrated Complex” at the Kuala Lumpur International Airport 2 (KLIA2).
WCT Berhad : Secures RM486m BOT Concession For “Integrated Complex” At KLIA2 - 11/10/2010
WCT Berhad : Secures RM486m BOT Concession For “Integrated Complex” At KLIA2 - 11/10/2010
RHB Equity 360° - 11 October 2010 (Market, AirAsia, WCT, BAT; Technical: KPJ, AirAsia)
Market Update
- We expect MMHE to be included in the FBM 100 at the 37th position by full market cap, and with an estimated index weight of around 0.31% based on the indicative institutional IPO price of RM3.80. As for Petronas Chemicals, the stock will likely qualify for inclusion into the FBM KLCI given its indicative size.
- After completion of both IPOs, Petronas-related stocks will have combined weightings of 8.77% and 7.49% on the FBM KLCI and FBM 100 respectively, vs. 5.51% and 4.45% currently.
RHB Equity 360° - 11 October 2010 (Market, AirAsia, WCT, BAT; Technical: KPJ, AirAsia)
- We expect MMHE to be included in the FBM 100 at the 37th position by full market cap, and with an estimated index weight of around 0.31% based on the indicative institutional IPO price of RM3.80. As for Petronas Chemicals, the stock will likely qualify for inclusion into the FBM KLCI given its indicative size.
- After completion of both IPOs, Petronas-related stocks will have combined weightings of 8.77% and 7.49% on the FBM KLCI and FBM 100 respectively, vs. 5.51% and 4.45% currently.
RHB Equity 360° - 11 October 2010 (Market, AirAsia, WCT, BAT; Technical: KPJ, AirAsia)
Monday, September 13, 2010
WCT Berhad : Trending Positively Above The 10-day and 40-day SMAs... - 13/09/2010
A positive candle registered on last Thursday indicating a likely hike in
the near term. WCT began to trend sideways after failing to penetrate a tough
hurdle at RM2.80 in Aug 2009. The stock was constantly capped at the RM2.80
level until in Apr 2010, when it managed to test a high of RM3.12. However, it
turned south in a steep profit-taking dip to RM2.43 in May, before a slow
recovery to stabilise near RM2.80 from Jun to Aug. Of late, its buying
momentum has increased as the stock closed positively at RM2.91 with a
positive candle on last Thursday. This indicates a likely hike in the near term.
WCT Berhad : Trending Positively Above The 10-day and 40-day SMAs... - 13/09/2010
the near term. WCT began to trend sideways after failing to penetrate a tough
hurdle at RM2.80 in Aug 2009. The stock was constantly capped at the RM2.80
level until in Apr 2010, when it managed to test a high of RM3.12. However, it
turned south in a steep profit-taking dip to RM2.43 in May, before a slow
recovery to stabilise near RM2.80 from Jun to Aug. Of late, its buying
momentum has increased as the stock closed positively at RM2.91 with a
positive candle on last Thursday. This indicates a likely hike in the near term.
WCT Berhad : Trending Positively Above The 10-day and 40-day SMAs... - 13/09/2010
Monday, August 23, 2010
WCT Berhad : Super Confident Of Meeting RM2bn New Orderbook Guidance For FY12/10 - 23/08/2010
♦ RM2bn new orderbook guidance stands. WCT is super confident of meeting its RM2bn new orderbook guidance for FY12/10. It hinted a big job from the Gulf states and “something” from the new LCCT project. It went to the extent of saying that “You will not call us a liar when you come for the next briefing in three months’ time”.
WCT Berhad : Super Confident Of Meeting RM2bn New Orderbook Guidance For FY12/10 - 23/08/2010
WCT Berhad : Super Confident Of Meeting RM2bn New Orderbook Guidance For FY12/10 - 23/08/2010
Friday, August 20, 2010
WCT Berhad : 1HFY12/10 Net Profit Declines 15% YoY - 20/08/2010
♦ Missed consensus. 1HFY12/10 net profit came in within our expectation
at 49% of our full-year forecast but missed the market expectation at only
44% of the full-year market consensus.
WCT Berhad : 1HFY12/10 Net Profit Declines 15% YoY - 20/08/2010
at 49% of our full-year forecast but missed the market expectation at only
44% of the full-year market consensus.
WCT Berhad : 1HFY12/10 Net Profit Declines 15% YoY - 20/08/2010
Thursday, July 29, 2010
WCT Berhad : Proposes RM600m Bonds, 1-For-8 Warrant Issue - 29/7/2010
Issuance of bonds and warrants. WCT has proposed the issuance of RM600m nominal value of 5-year serial fixed rate bonds and 181.1m new warrants of which 121.1m will be offered to existing WCT shareholders on a 1-for-8 basis and 60m to senior management of WCT at an issue price to be determined later. Of the RM600m proceeds from the bond issue, RM350m will be used to refinance existing borrowings (to take advantage of the lower interest cost), RM247.3m for working capital and RM2.7m for expenses relating to the exercise.
WCT Berhad : Proposes RM600m Bonds, 1-For-8 Warrant Issue - 29/7/2010
WCT Berhad : Proposes RM600m Bonds, 1-For-8 Warrant Issue - 29/7/2010
RHB Equity 360° - 29 July 2010 (Hai-O, APM, PLUS, WCT, Daibochi; Technical: E&O)
Top Story : Hai-O – FY04/11 membership to contract Underperform (down from MP)
Visit Note
- We believe that due to the revised Direct Selling Act (DSA), Hai-O’s membership drive as well as its retention of existing members will be affected.
RHB Equity 360° - 29 July 2010 (Hai-O, APM, PLUS, WCT, Daibochi; Technical: E&O)
Visit Note
- We believe that due to the revised Direct Selling Act (DSA), Hai-O’s membership drive as well as its retention of existing members will be affected.
RHB Equity 360° - 29 July 2010 (Hai-O, APM, PLUS, WCT, Daibochi; Technical: E&O)
Tuesday, May 25, 2010
Corporate Highlights...-25/05/2010
♦ Media
Sector update : Apr Adex For Print and TV Media Grew 20.8% YoY
♦ WCT
Briefing Note : No Further Provision For Bakun
♦ Hong Leong Bank
Results Note : Stronger Net Profit, But Mainly Due To Low Tax Rate
♦ Star Publications
Results Note : No Surprises
♦ Parkson Holdings
Results Note : On Track To Meet Full Year Forecast
♦ QL Resources
Results Note : Still A Solid Food Package
Corporate Highlights...-25/05/2010
Sector update : Apr Adex For Print and TV Media Grew 20.8% YoY
♦ WCT
Briefing Note : No Further Provision For Bakun
♦ Hong Leong Bank
Results Note : Stronger Net Profit, But Mainly Due To Low Tax Rate
♦ Star Publications
Results Note : No Surprises
♦ Parkson Holdings
Results Note : On Track To Meet Full Year Forecast
♦ QL Resources
Results Note : Still A Solid Food Package
Corporate Highlights...-25/05/2010
RHB Equity 360° (Media, WCT, Parkson, MBM, QL, HL Bank, Star; Technical: Public Bank) - 25/05/2010
Top Story :
Media – Apr adex for print and tv media grew 20.8% yoy Neutral
Sector Update
Media Prima : Fair value at RM2.55 Outperform
MCIL : Fair value at RM1.09 Outperform
Star : Fair value at RM3.60 Market Perform
Astro : Privatisation set to go through Ceased Coverage
♦ According to Nielsen Media Research, Apr’s gross adex for print and TV media rose 20.8% yoy but was down slightly by 3.8% mom, led by print (+22.2% yoy; -4.7% mom) while TV reported commendable growth of 18.9% yoy (-2.5% mom). We believe this strong yoy growth was mainly due to the low base effect coupled with improving economic conditions. YTD (Jan-Apr), adex growth stood at 31.3% yoy.
♦ Apr’s yoy adex growth for the print media was once again led by the Chinese dailies (+28.6% yoy). The English dailies saw gross adex growth of 24.4% yoy, thanks largely to Star, while for the Malay segment, gross adex grew by 13.9% yoy mainly due Harian Metro and Berita Harian offset by the consecutively weaker adex for Utusan.
♦ Apr was another good month for TV, where gross adex grew by 18.9% yoy. All the FTA TV channels posted stronger yoy growth except for TV1, where adex growth dropped by 19.6% yoy.
♦ We expect adex in 2010 would continue to gain momentum as the global economy recovers. Adex growth would also be supported by “ad-friendly” events such as the 2010 FIFA World Cup, Thomas/Uber Cup and the Commonwealth Games.
♦ Media Prima (FV=RM2.55) remains our preferred pick as we believe adex (especially TV) will be a prime beneficiary of a recovering economy. We maintain our Outperform call on Media Chinese (FV=RM1.09) and Market Perform call on Star (FV=RM3.60). We are ceasing coverage on Astro given that Astro Holdings has received an acceptance level of more than 90% in its general offer to privatise Astro.
♦ Maintain Neutral stance on the sector.
RHB Equity 360°(Media, WCT, Parkson, MBM, QL, HL Bank, Star; Technical: Public Bank) - 25/05/2010
Media – Apr adex for print and tv media grew 20.8% yoy Neutral
Sector Update
Media Prima : Fair value at RM2.55 Outperform
MCIL : Fair value at RM1.09 Outperform
Star : Fair value at RM3.60 Market Perform
Astro : Privatisation set to go through Ceased Coverage
♦ According to Nielsen Media Research, Apr’s gross adex for print and TV media rose 20.8% yoy but was down slightly by 3.8% mom, led by print (+22.2% yoy; -4.7% mom) while TV reported commendable growth of 18.9% yoy (-2.5% mom). We believe this strong yoy growth was mainly due to the low base effect coupled with improving economic conditions. YTD (Jan-Apr), adex growth stood at 31.3% yoy.
♦ Apr’s yoy adex growth for the print media was once again led by the Chinese dailies (+28.6% yoy). The English dailies saw gross adex growth of 24.4% yoy, thanks largely to Star, while for the Malay segment, gross adex grew by 13.9% yoy mainly due Harian Metro and Berita Harian offset by the consecutively weaker adex for Utusan.
♦ Apr was another good month for TV, where gross adex grew by 18.9% yoy. All the FTA TV channels posted stronger yoy growth except for TV1, where adex growth dropped by 19.6% yoy.
♦ We expect adex in 2010 would continue to gain momentum as the global economy recovers. Adex growth would also be supported by “ad-friendly” events such as the 2010 FIFA World Cup, Thomas/Uber Cup and the Commonwealth Games.
♦ Media Prima (FV=RM2.55) remains our preferred pick as we believe adex (especially TV) will be a prime beneficiary of a recovering economy. We maintain our Outperform call on Media Chinese (FV=RM1.09) and Market Perform call on Star (FV=RM3.60). We are ceasing coverage on Astro given that Astro Holdings has received an acceptance level of more than 90% in its general offer to privatise Astro.
♦ Maintain Neutral stance on the sector.
RHB Equity 360°(Media, WCT, Parkson, MBM, QL, HL Bank, Star; Technical: Public Bank) - 25/05/2010
WCT Berhad : No Further Provision For Bakun - 25/05/2010
No further provision for Bakun. WCT does not see the need to make further provision for cost-overrun from the Bakun project. It is believed that the additional RM450m provided by lead consortium member Sime Darby was to cover “costs sitting in Sime Darby’s books that it was unable to charge to the consortium” and not additional cost-overrun at the consortium level. As such, there is no need for WCT, who owns a 7.7% stake in the consortium, to make further provision.
WCT Berhad : No Further Provision For Bakun-25/05/2010
WCT Berhad : No Further Provision For Bakun-25/05/2010
Monday, May 24, 2010
Corporate Highlights...-24/05/2010
♦ First Resources Limited
New Coverage : Exponential Earnings Growth At Inexpensive Valuations
♦ QL Resources
Results Preview : Expecting Strong FY10 Results
♦ IJM Corporation
News Update : Kajang-Seremban Highway’s Traffic Falls Short Of Projection
♦ PLUS Expressways
Results / Briefing Note : 1QFY12/09 Traffic Volume Rises By 9.1%
♦ EON Capital
Results / Briefing Note : Starting Off On A Strong Note
♦ WCT
Results Note : 1QFY12/10 Net Profit Declines 11% YoY
Corporate Highlights...-24/05/2010
New Coverage : Exponential Earnings Growth At Inexpensive Valuations
♦ QL Resources
Results Preview : Expecting Strong FY10 Results
♦ IJM Corporation
News Update : Kajang-Seremban Highway’s Traffic Falls Short Of Projection
♦ PLUS Expressways
Results / Briefing Note : 1QFY12/09 Traffic Volume Rises By 9.1%
♦ EON Capital
Results / Briefing Note : Starting Off On A Strong Note
♦ WCT
Results Note : 1QFY12/10 Net Profit Declines 11% YoY
Corporate Highlights...-24/05/2010
WCT Berhad : 1QFY12/10 Net Profit Declines 11% YoY - 24/05/2010
In line. 1QFY12/10 net profit came in within expectations at 22-25% of our full-year forecast and the full-year market consensus.
WCT Berhad : 1QFY12/10 Net Profit Declines 11% YoY-24/05/2010
WCT Berhad : 1QFY12/10 Net Profit Declines 11% YoY-24/05/2010
RHB Equity 360° (First Resources, QL, IJM, EON Cap, PLUS, WCT, Furniweb; Technical: Hai-O, CIMB) - 24/05/2010
Top Story : First Resources – Exponential earnings growth at inexpensive valuations - Outperform
New Coverage
♦ First Resources (FR) is a small (by Indonesian standards) but efficient pure plantation company listed in Singapore. FR has 113,010ha of landbank in Indonesia and currently operates 8 palm oil mills. It has also ventured downstream via a 250k tonne capacity refinery and a 250k tonne capacity biodiesel plant. It is currently constructing a 300k tonne fractionation plant which will be completed by 1HFY12/011.
♦ We believe there are five major reasons for investing in FR:
1) Its strong growth profile, given its young plantation age profile;
2) Aggressive planting targets, given its unplanted landbank;
3) Efficient planter, with below average cost of production;
4) Downstream expansion to boost bottomline; and
5) Valuations at unjustifiable significant discount to peers.
We project FR to post a core net earnings (ex-EI and biological gains/losses) CAGR of 59.8% over the next three years to FY12.
♦ FR is currently trading at 8.7x CY10 EPS and 7.2x CY11 EPS, which is a significant discount to the Malaysian plantation sector’s average PE of 19.2x for FY10 and 15.4x for FY11 and even to the regional plantation sector average of 12.6x for FY10 and 10.6x for FY11. Given FR’s efficiently-run estates, clean operating structure and sustainable earnings growth for the medium to long term, we believe FR does not deserve to trade at such a large discount to industry peers. We assign a target PE of 11.5x to FR’s FY11 EPS, which is a 30% discount to our Malaysian target PER for the mid-cap plantation stocks, to obtain our target price of S$1.55/share. We initiate coverage with an Outperform recommendation.
RHB Equity 360° (First Resources, QL, IJM, EON Cap, PLUS, WCT, Furniweb; Technical: Hai-O, CIMB) - 24/05/2010
New Coverage
♦ First Resources (FR) is a small (by Indonesian standards) but efficient pure plantation company listed in Singapore. FR has 113,010ha of landbank in Indonesia and currently operates 8 palm oil mills. It has also ventured downstream via a 250k tonne capacity refinery and a 250k tonne capacity biodiesel plant. It is currently constructing a 300k tonne fractionation plant which will be completed by 1HFY12/011.
♦ We believe there are five major reasons for investing in FR:
1) Its strong growth profile, given its young plantation age profile;
2) Aggressive planting targets, given its unplanted landbank;
3) Efficient planter, with below average cost of production;
4) Downstream expansion to boost bottomline; and
5) Valuations at unjustifiable significant discount to peers.
We project FR to post a core net earnings (ex-EI and biological gains/losses) CAGR of 59.8% over the next three years to FY12.
♦ FR is currently trading at 8.7x CY10 EPS and 7.2x CY11 EPS, which is a significant discount to the Malaysian plantation sector’s average PE of 19.2x for FY10 and 15.4x for FY11 and even to the regional plantation sector average of 12.6x for FY10 and 10.6x for FY11. Given FR’s efficiently-run estates, clean operating structure and sustainable earnings growth for the medium to long term, we believe FR does not deserve to trade at such a large discount to industry peers. We assign a target PE of 11.5x to FR’s FY11 EPS, which is a 30% discount to our Malaysian target PER for the mid-cap plantation stocks, to obtain our target price of S$1.55/share. We initiate coverage with an Outperform recommendation.
RHB Equity 360° (First Resources, QL, IJM, EON Cap, PLUS, WCT, Furniweb; Technical: Hai-O, CIMB) - 24/05/2010
Friday, May 14, 2010
Corporate Highlights...-14/05/2010
♦ Genting Singapore
Results / Briefing Note : Exceeding Consensus Expectations
♦ Banking
Sector Update : BNM Raised OPR By Another 25bps
♦ Sime Darby
Company Update : Eroding Investor Confidence
♦ WCT
News update : Potential Share Of Additional Bakun Cost Overrun Amounting To RM97m
♦ Malayan Banking
Results / Briefing Note : Tracking Expectations
♦ Sunrise
Results / Briefing Note : 9MFY06/10 Performance Weighed Down By Slower Progress Billings
Corporate Highlights...-14/05/2010
Results / Briefing Note : Exceeding Consensus Expectations
♦ Banking
Sector Update : BNM Raised OPR By Another 25bps
♦ Sime Darby
Company Update : Eroding Investor Confidence
♦ WCT
News update : Potential Share Of Additional Bakun Cost Overrun Amounting To RM97m
♦ Malayan Banking
Results / Briefing Note : Tracking Expectations
♦ Sunrise
Results / Briefing Note : 9MFY06/10 Performance Weighed Down By Slower Progress Billings
Corporate Highlights...-14/05/2010
WCT Berhad : Potential Share Of Additional Bakun Cost Overrun Amounting To RM97m - 14/05/2010
More cost overrun from Bakun. WCT that owns an effective 7.7% stake in Malaysia-China Hydro Joint Venture, the consortium that was awarded the RM1.8bn CW2 Package of the Bakun Hydroelectric Project (Bakun) in 2002, may have to recognise more losses from the contract. Sime Darby, the lead member of the consortium with an effective stake of 35.7%, said yesterday that “there could be a potential additional cost attributable to the group (Sime Darby) of RM450m”. This means there may be an additional RM1.26bn cost overrun incurred at the consortium level and WCT’s share
will be RM97m, translating to 12.4sen/share.
WCT Berhad : Potential Share Of Additional Bakun Cost Overrun Amounting To RM97m-14/05/2010
will be RM97m, translating to 12.4sen/share.
WCT Berhad : Potential Share Of Additional Bakun Cost Overrun Amounting To RM97m-14/05/2010
RHB Equity 360° (Genting S’pore, Banks, Sime Darby, WCT, Maybank, Sunrise, Cuscapi; Technical: BCorp) -14/05/2010
Top Story : Genting Singapore – Exceeding consensus expectations Outperform
1QFY10 Results/Briefing Note - Genting Singapore’s (GS) 1QFY10 core net profit of S$81.8m was in line with our forecasts, comprising 25.7% of our full year core net profit, but above consensus, comprising 36.4% of FY10 net profit. GS recorded an EI loss of S$452.6m, mainly for an impairment loss on its UK intangible assets.
♦ The yoy increase in revenue was due to commendable revenue contribution from RWS, the bulk of which came from the casino, while GS’ UK also recorded a 19% yoy rise in revenue coming from improved luck factor. Although the EBITDA margin for RWS of 32.5% seems lower than our projected 36.8% for FY10, we note that RWS recorded some preoperating expenses in 1Q10. Assuming a conservative S$50m of preoperating expenses were incurred and adding this back to RWS’ EBITDA for 1Q, this would bring EBITDA margins to about 47.6%, much higher than our projection.
♦ Conference call highlights:
(1) Visitor arrivals meeting RWS’ management expectations;
(2) Update on casino operations; and
(3) Update on capacity expansion plans.
♦ No change to forecasts although there could be a rash of upgrades to consensus projections following these results. We maintain our Outperform call on GS and fair value of S$1.35, based on blended average of EV/EBITDA (in line with 12x FY11 regional average) and DCF.
RHB Equity 360°(Genting S’pore, Banks, Sime Darby, WCT, Maybank, Sunrise, Cuscapi; Technical: BCorp) -14/05...
1QFY10 Results/Briefing Note - Genting Singapore’s (GS) 1QFY10 core net profit of S$81.8m was in line with our forecasts, comprising 25.7% of our full year core net profit, but above consensus, comprising 36.4% of FY10 net profit. GS recorded an EI loss of S$452.6m, mainly for an impairment loss on its UK intangible assets.
♦ The yoy increase in revenue was due to commendable revenue contribution from RWS, the bulk of which came from the casino, while GS’ UK also recorded a 19% yoy rise in revenue coming from improved luck factor. Although the EBITDA margin for RWS of 32.5% seems lower than our projected 36.8% for FY10, we note that RWS recorded some preoperating expenses in 1Q10. Assuming a conservative S$50m of preoperating expenses were incurred and adding this back to RWS’ EBITDA for 1Q, this would bring EBITDA margins to about 47.6%, much higher than our projection.
♦ Conference call highlights:
(1) Visitor arrivals meeting RWS’ management expectations;
(2) Update on casino operations; and
(3) Update on capacity expansion plans.
♦ No change to forecasts although there could be a rash of upgrades to consensus projections following these results. We maintain our Outperform call on GS and fair value of S$1.35, based on blended average of EV/EBITDA (in line with 12x FY11 regional average) and DCF.
RHB Equity 360°(Genting S’pore, Banks, Sime Darby, WCT, Maybank, Sunrise, Cuscapi; Technical: BCorp) -14/05...
Thursday, April 29, 2010
RHB Equity 360° - 29 April 2010 (Sime Darby, Construction, Media, Allianz, Sunway, Ann Joo, Fajarbaru, YNH; Technical: WCT)
Top Story : Sime Darby – Short-term weakness in FFB production, but LT sustainability intact. Outperform.
Visit Note:
Six key takeaways from our recent visit:
1) Slower FFB production in Indonesia now;
2) Longer-term FFB growth sustainable;
3) CPO price view unchanged;
4) Production costs to decline, but not as significantly as seen in 1HFY10;
5) Property division picking up speed; and
6) Capex higher than expected.
RHB Equity 360° - 29 April 2010 (Sime Darby, Construction, Media, Allianz, Sunway, Ann Joo, Fajarbaru, YNH;...
Visit Note:
Six key takeaways from our recent visit:
1) Slower FFB production in Indonesia now;
2) Longer-term FFB growth sustainable;
3) CPO price view unchanged;
4) Production costs to decline, but not as significantly as seen in 1HFY10;
5) Property division picking up speed; and
6) Capex higher than expected.
RHB Equity 360° - 29 April 2010 (Sime Darby, Construction, Media, Allianz, Sunway, Ann Joo, Fajarbaru, YNH;...
Wednesday, March 10, 2010
Corporate Highlights - 10/03/2010
♦ Plantation : All For CPO Prices Crossing RM3,000/Tonne
♦ Perwaja Holdings : Better Quarters Ahead
♦ Kinsteel : Better Demand Ahead
♦ Gamuda : Served A Request For Arbitration Amounting To RM51.5m
♦ WCT : Served A Request For Arbitration Amounting To RM49.5m
Corporate Highlights - 10/03/2010
♦ Perwaja Holdings : Better Quarters Ahead
♦ Kinsteel : Better Demand Ahead
♦ Gamuda : Served A Request For Arbitration Amounting To RM51.5m
♦ WCT : Served A Request For Arbitration Amounting To RM49.5m
Corporate Highlights - 10/03/2010
WCT Berhad : Served A Request For Arbitration Amounting To RM49.5m - 10/03/2010
Served a request for arbitration by sub-contractor. Bahrain Asphalt Establishment (BAE), a sub-contractor to the 51:49 JV between Gamuda and WCT for the Dukhan Highway project in Qatar, has served the Gamuda-WCT JV a request for arbitration, claiming a total sum of QAR109.3m (RM101.1m), comprising costs arising from the delay in the completion of the sub-contract (i.e. granular sub-base and flexible pavement works), and certain overcharging and wrongful deductions, coupled with unquantified sums for legal, arbitration and interest costs. WCT is of the opinion that the request for arbitration is pre-mature as the preconditions stipulated in the arbitration clause have not been met, and it has a good defence against the claims.
WCT Berhad : Served A Request For Arbitration Amounting To RM49.5m - 10/03/2010
WCT Berhad : Served A Request For Arbitration Amounting To RM49.5m - 10/03/2010