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Wednesday, January 23, 2008

WCT on steady ground with RM7b projects in hand

PETALING JAYA: WCT Engineering Bhd is unperturbed by jitters in the US economy as it has already locked in some RM7bil worth of projects that will keep it busy for two years, according to chairman Datuk Ahmad Sufian Abdul Rashid.

The construction company, which said about 70% of the order value was from the Middle East, recently announced that it was awarded an investment certificate for the Platinum Plaza project in Ho Chi Minh City.

“We have not included anything from Vietnam in our order book,” Ahmad Sufian said after the company EGM yesterday.

The order book value captures the portion of jobs that WCT is involved in.

Executive director Loh Siew Choh noted that the initial cost of the Vietnam project, which would be built in three phases, was estimated at US$200mil.

The group does not intend to expand aggressively but prefers to “spend a bit more time” in Vietnam.

“We have been in the Middle East for six years and it took time to build the record,” Loh said, adding that WCT would consider expanding into Oman this year.

In the Middle East, WCT has projects in Dubai, Abu Dhabi, Qatar and Bahrain. Ahmad Sufian said construction jobs were funded by the owners with payments being made progressively, hence WCT would not need to fork out significant investments.

WCT is also involved in the upgrade of Kota Kinabalu International Airport in Sabah.

Loh noted that the group would continue to bid for new projects.

By The Star (by Yeow Pooi Ling)

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