WCE Holdings Berhad shareholders have passed a resolution to dispose of 40% stake in Radiant Pillar held by its subsidiaries to IJM Properties for RM494 million.
The disposal is expected to be completed by the 1st quarter of 2023. When completed, the disposal will enable the group to realise and unlock the value of its investment in Radiant Pillar which will give rise to a pro forma gain on disposal of approximately RM245.67 million. WCE said the bulk of cash proceeds from the disposal (RM494.0 million) will be put towards the West Coast Expressway Project which will enable the Group to save on financing costs should similar amount of funds be sourced from
other modes of financing or borrowings.
Additionally, the completion of the disposal and construction of the WCE Project which is the Group’s core business will turn WCE into a pure-play expressway operator listed on the Main Market of Bursa Malaysia Securities Berhad.
