12 Jul 2013 11:19

KUALA LUMPUR, July 8 (Bernama) -- WCT has completed its reorganisation exercise under WCT Holdings Bhd (WCTB), and effective today, the WCT group's various business operations will come under a new listed investment holding company, WCT Holdings Bhd (WCTH).

The exercise is part of WCT's effort to streamline its organisation structure and to have more flexibility to manage its operations effectively.

The company said the reorganisation of WCT was approved by shareholders and warrant holders at the court convened meetings and extraordinary general meeting held on April 26, 2013.

It said all existing shares and outstanding warrants in WCTB have been replaced with a new holding company WCTH, on a one-for-one basis, and the listing status of WCTB has been transferred to WCTH," it said in a statement.

Under the new structure, WCTH will directly own WCTB, as well as, WCT Land Sdn Bhd (WCT Land), the wholly-owned property arm of WCTB.

The group's existing key business segments include engineering, construction, toll concession and privatisation will remain under WCTB, whereas property development, property investment and concession will remain under WCT Land.