WCT wins RM480m airport project

Saturday October 9, 2010

PETALING JAYA: WCT Bhd has won a 25-year concession from Malaysian Airports Holdings Bhd (MAHB) to build and operate an integrated complex at the new Low-Cost Carrier Terminal (LCCT) at the KL International Airport in Sepang, it told Bursa Malaysia yesterday.

The integrated complex, estimated to cost RM486mil to build, will comprise a transportation hub for taxis and buses, one block of retail mall and car parks.

WCT and MAHB will jointly undertake the concession via a special-purpose vehicle (SPV), where WCT will own a 70% stake and the rest held by MAHB.

The concession may be extended by another 10 years subject to the terms and conditions to be mutually agreed by WCT and MAHB.

The complex will be completed by June 30, 2012.

WCT said the SPV would finance the complex’s construction cost partly via internally generated funds and partly by bank borrowings.

In July, MAHB awarded a RM997.22mil contract for the main buildings at the proposed low-cost carrier terminal to a joint venture between UEM Construction Sdn Bhd and Bina Puri Holdings Bhd.

This article is a verbatim copy of the original article from The Star.