WCT Land Sdn Bhd entered into a sale and purchase agreement to acquire a property in Mukim of Tebrau from Malaysia Building Society Bhd (KLSE:MBSB) for MYR 180 million on August 23, 2012. WCT Land Sdn Bhd was the winner of the public tender done for the property on June 22, 2012. WCT Land Sdn paid the sum of MYR 9 million as earnest deposit and MYR 9 million to the solicitors of Malaysia Building Society, the remaining balance will be paid within 90 days after unconditional date. The consideration will be entirely financed via internally generated funds and/or bank borrowings. The agreement shall be deemed to have become unconditional on date the condition precedent is fulfilled or provided WCT land shall have elected to waive of the condition precedent upon expiry of the conditional period, whichever is earlier. The transaction is not subject to the approval of the shareholders of WCT Berhad (KLSE;WCT), the parent of WCT Land and Malaysia Building Society or any relevant governmental authorities and is expected to be completed by first quarter of 2013.

The transaction will not have any effect on shareholding, share capital. Gearing and net assets of WCT Berhad and is expected to contribute positively to earnings per share. The disposal will not have any effect on share capital and substantial shareholders' shareholdings of Malaysia Building Society; however it will increase its earnings per share and net assets and decrease the gearing ratio. The disposal will result in gain of MYR 55 million. The proceeds from the disposal will be used for expansion of the financing business of Malaysia Building Society. PA International Property Consultants Sdn Bhd acted as property valuator.

WCT Land Sdn Bhd completed the acquisition of property in Mukim of Tebrau from Malaysia Building Society Bhd (KLSE:MBSB) on January 11, 2013.