News - WCT : Bags RM73mil unit contract | Sime Darby : Suit against Sime dismissed

WCT Bhd (RM2.40/share)

Bags RM73mil unit contract

WCT Bhd’s wholly-owned subsidiary, WCT Construction Sdn Bhd, has secured a RM72.8mil industrial civil works contract. The contract comprises, among others, piling works, foundation of conveyors, sampling towers, pipe and cable racks, pump house foundation and related works, at Vale Malaysia Manufacturing Sdn Bhd’s minerals project in Teluk Rubiah, Perak. Work is expected to be completed in 18 months. – StarBiz

Sime Darby Bhd (RM9.71/share)

Suit against Sime dismissed

Sime Darby Bhd told Bursa Malaysia that Sime Darby Engineering Sdn Bhd has been informed by its external legal counsel that Abu Dhabi’s judicial department had on May 30 dismissed the suit by Emirates International Energy Services (EMAS) on procedural grounds. This was namely because EMAS had failed to file a request for mediation in accordance with the procedures of the economy ministry’s committee of commercial agencies.  – StarBiz

Construction Sector

MRT Corp denies plan to acquire BB Plaza but to integrate station entry

Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) has confirmed that it is in negotiations with the government to build an underground station integrated with Bukit Bintang Plaza (BB Plaza). The plan to integrate the station towards BB Plaza will do away with the need to involve private properties in completing the project, and at the same time provides a golden opportunity to reposition the almost 40-year old BB Plaza. Discussions between property owners and traders on Jalan Bukit Bintang with Prime Minister Datuk Seri Najib Tun Razak was held in March, after which the prime minister raised concern over the planned five-year closure of businesses there. MRT Corp explored three alternative solutions but decided on the station integration option. MRT Corp Chief Executive Officer, Datuk Azhar Abdul Hamid clarified that there has never been any plan to acquire BB Plaza. Their principal focus at present is to build the Sungai Buloh - Kajang (SBK) MRT line. – Bernama

Source: AmeSecurities