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Flash Note – WCT (BUY, maintain) - Disposal of 30% of Jelas Puri completed




Affin Hwang Investment Bank Bhd


30 Jan 2013





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Disposal of 30% of Jelas Puri for RM87.4m to EPF Board completed WCT Bhd announced that the disposal of 48.0m shares, amounting to 30% equity interest, in Jelas Puri for RM87.4m to the Employees Provident Fund Board was completed on 29 January 2013. With the disposal, Jelas Puri has become a 70%-owned subsidiary of WCT. To recap, the disposal was first proposed in September 2008 together with a proposed issuance of RM390.0m nominal value of 5-year 6% per annum redeemable secured loan stocks (RSLS) at 100% nominal value. Jelas Puri is the developer of the Paradigm development in Kelana Jaya. The Paradigm Mall is completed and almost fully leased out.

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