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WCT Unit to Acquire Remaining 30% Stake in Jelas Puri for MYR140 Million

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WCT Land, a wholly-owned subsidiary of WCT Holdings (KLSE:WCT) has agreed to acquire the remaining 30% equity interest in Jelas Puri for 140 million ringgit, according to a Friday filing to the Malaysian stock exchange.

The company's shares were up over 2% in Monday's trade.

On Friday, WCT Land entered into a share sale agreement with the Employees Provident Fund Board to acquire 93 million ordinary shares held by the latter.

The share sale is expected to be completed within five business days and the purchase consideration shall be settled wholly in cash.

With this, WCT Land's equity interest in Jelas Puri will increase to 100%, making it an indirect subsidiary of the company. This will provide the group greater flexibility to manage Jelas Puri's affairs and for future corporate exercises.

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