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Wednesday, November 28, 2007

Another developer to be taken private?

PETALING JAYA: Trading in WCT Engineering Bhd and WCT Land Bhd shares was suspended yesterday pending an announcement, which WCT Engineering said would involve a major transaction with its 66%-owned listed property arm WCT Land.

According to analysts, WCT Engineering could be looking to privatise WCT Land or sell a stake to a group of Middle Eastern investors.

If this is a privatisation exercise, WCT Land would be the third listed property firm to be taken private this year, after Petaling Garden Bhd, which was de-listed on June 26 and Island & Peninsular Bhd, which was de-listed on July 13. Both were taken private by Government investment arm Permodalan Nasional Bhd.

Another property company, Sime UEP Properties Bhd, a listed subsidiary of Sime Darby Bhd, was injected into Synergy Drive Bhd, which is due to list on Friday.

WCT Land shares were last traded at RM2.01 and WCT Engineering shares at RM7.95.

By The Star

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