Construction company WCT Engineering Bhd announced Wednesday it has been awarded an investment certificate to undertake the Platinum Plaza Development project in the Binh Chanh district, Ho Chi Minh City, Vietnam.
In a filing to Bursa Malaysia Wednesday, the company said the People's Committee of Ho Chi Minh City also approved the establishment of a limited liability company, BSC-WCT Company Ltd, a 67 percent owned subsidiary.
The remaining 33 percent equity of BSC-WCT will be held by a Vietnamese private company, Minh Thien Construction and Trading Company Ltd.
The project is an integrated development providing retail and family entertainment amenities and is proposed to be carried out in three phases over a four-year period after the completion of land compensation and clearance.
WCT Engineering will fund its portion of the chartered capital and shareholders' advances in BSC-WCT through internally generated funds or bank borrowings.
Wednesday, February 18, 2009
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