WCT buys EPF’s 30% stake in Paradigm PJ developer for RM140m
WCT Holdings Bhd is acquiring the Employees Provident Fund's 30% stake in Jelas Puri Sdn Bhd for RM140 million. This move grants WCT full ownership of the developer behind the Paradigm Petaling Jaya integrated development.
Why it matters
Full ownership allows WCT greater flexibility in managing its property assets and future corporate restructuring without joint-venture constraints.
BURSA SGX Home M&A Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (July 31): WCT Holdings Bhd (KL: WCT ) is acquiring the Employees Provident Fund’s (EPF) remaining 30% stake in Jelas Puri Sdn Bhd for RM140 million, giving the construction and property group full control of the developer behind the Paradigm Petaling Jaya integrated development.
Its wholly-owned subsidiary WCT Land Sdn Bhd will acquire 93 million Jelas Puri shares from the EPF, with the purchase consideration to be paid entirely in cash using internally generated funds, WCT said in a Bursa Malaysia filing on Friday.
WCT Land currently owns 70% of Jelas Puri. Upon completion, expected by early August, Jelas Puri will become an indirect wholly-owned subsidiary of WCT.
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