To facilitate and to realise the equity proportion of the new shareholders, WCTPD shall issue, WCTL, Core SPV and CCCC (M) shareholdings of 20%, 65% and 15% respectively.
PETALING JAYA: WCT Holdings Bhd’s wholly owned subsidiaries, WCT Land Sdn Bhd (WCTL) and WCT Precious Development Sdn Bhd (WCTPD), had entered into a shareholders agreement with CCCG Overseas Real Estate Pte Ltd (Core) to develop land held by WCTPD.
Following the shareholders agreement, Core has nominated CORE (Singapore) TRX Investment Pte Ltd (Core SPV) and China Communications Construction Company (M) Sdn Bhd (CCCC (M)) as the new shareholders of WCTPD to subscribe for 200 million new ordinary shares in WCTPD, representing 80% of the enlarged issued share capital of WCTPD for a total subscription consideration of RM200mil.
To facilitate and to realise the equity proportion of the new shareholders, WCTPD shall issue, WCTL, Core SPV and CCCC (M) shareholdings of 20%, 65% and 15% respectively.
On Oct 19, 2015, WCT Holdings had proposed to buy 1.65 acres in TRX via its indirect wholly owned subsidiary WCTPD from 1MDB Real Estate Sdn Bhd (now known as KLIFD Sdn Bhd) for RM223mil or RM3,098 per sq ft.
