Strengthens Capital Base with Paradigm REIT Listing on Bursa Malaysia
PETALING JAYA, 18 JUNE 2025 – WCT Holdings Berhad (“WCT” or “the Group”), an investment holding company with businesses in engineering and construction, property development and investment in and management of retail malls and hotels, successfully concluded its 14th Annual General Meeting (“AGM”) today at Le Méridien Petaling Jaya.
All nine resolutions tabled at the AGM were duly passed by shareholders, reflecting continued confidence in the Group’s leadership and strategic direction. Key resolutions included the re-election of directors, reappointment of external auditors, and authorisation for the issuance of shares. Shareholders also received the Group’s Audited Financial Statements for the financial year ended 31 December 2024, along with the accompanying Reports of Directors and Auditors.
Dato’ Lee Tuck Fook, Group Managing Director of WCT, said, “In 2024, WCT remained steadfast in executing our strategic priorities across the Group’s three core business pillars. Despite economic headwinds, cost volatility, and evolving regulatory frameworks, we remained agile – anchored by financial discipline, operational efficiency, and a strong commitment to sustainability. Malaysia’s continued economic recovery, underpinned by improved consumer sentiment, increased infrastructure spending, and a stabilising labour market, has provided a supportive backdrop for our performance.”
For the financial year ended 31 December 2024, WCT recorded revenue of RM1.83 billion, up from RM1.73 billion in the previous year. The Group returned to profitability with RM277.9 million in profit attributable to equity holders – marking a turnaround from the RM254.1 million loss in FY2023. The positive result was supported by stronger contributions from all business segments and a net gain after tax of RM183.8 million arising from the remeasurement of interest in a jointly controlled entity. These achievements reflect the Group’s resilient operating model and effective execution of strategic initiatives.
Looking ahead, WCT remains focused on sustainable growth across its core divisions. The Engineering and Construction Division continues to pursue new infrastructure opportunities while improving efficiency. The Property Development Division is supported by a healthy project pipeline, including upcoming property launches at W City Larkinton, Johor Bahru and WCity OUG, Kuala Lumpur. Strong domestic spending and a rebound in tourist arrivals are expected to continue driving growth across the Group’s retail mall operations—particularly at its airport malls—as well as in the hospitality and business aviation segments. Meanwhile, the continued recovery in travel and tourism, supported by national initiatives such as Visit Malaysia 2026, positions the Group’s hospitality and aviation businesses to strengthen their market presence and diversify revenue streams.
The successful listing of Paradigm REIT (“REIT”) on 10 June 2025 marks a key milestone in the Group’s asset monetisation and capital recycling strategy. The REIT, comprising three premier retail assets valued at approximately RM2.4 billion, enables WCT to unlock asset value while maintaining strategic exposure through its significant unit holdings. This listing not only enhances balance sheet strength via partial cash proceeds but also positions the Group to benefit from recurring income streams and future capital appreciation. The REIT platform will provide greater financial flexibility and acquisition headroom going forward.
“While global economic uncertainties persist, we remain cautiously optimistic about the Group’s prospects. Our diversified business portfolio and strategic initiatives position us well to navigate challenges and capitalise on emerging opportunities in the year ahead,” concluded Dato’ Lee.
