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Wednesday, November 28, 2007

WCT Engineering to announce WCT Land deal

Shares of WCT Engineering Bhd and its property subsidiary were suspended yesterday amid speculation that the parent company may rope in a strategic partner for WCT Land Bhd.

"There is a rumour going around that WCT Engineering may pare down its stake in WCT Land to facilitate entry of strategic investors," said an analyst, who declined to be named.

Currently, WCT Engineering owns 73.42 per cent of WCT Land. Their stocks were suspended from trading effective 2.30pm yesterday.

In their filings with the stock exchange, the companies said their shares will resume trading next Monday, after WCT Engineering announces a major transaction involving WCT Land.

WCT Engineering last traded at RM7.95, while WCT Land ended the morning session at RM2.01, after rising six per cent.

By New Straits Times

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