Today I woke up to an interesting news in the papers.WCT Berhad announced in the morning that their 50:50 joint venture with Arabtec Construction had been given 14 days’ notice by Meydan to cancel the contract relating to the construction of the Nad Al Sheba Dubai Racecourse Project. This Racecourse project is the one that was awarded back in September 2007 for a contract sum of AED4.6billion, featuring a 1km long straight. (check out the video.)
With such bad news, it was not a surprise that their shares nosedived today - down by 30 per cent to RM1.29 - it was traded for about 12 minutes from 9am before the trading halt came in at 9.12am. (Sourced from Bursa website) I believe however, that WCT, being one of the larger and stronger boys around, will be able to counter this setback.
Just wait and see.
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