KUALA LUMPUR: WCT Holdings Bhd aims to focus on prudent financial management and leveraging on the prospects of its three core business divisions, engineering and construction, property development and property investment and management to drive growth.
Group managing director Datuk Lee Tuck Fook said all resolutions tabled at WCT's annual general meeting today were duly approved by its shareholders.
"This includes the proposed final share dividend via a distribution of treasury shares on the basis of one treasury share for every one hundred existing ordinary shares held in the company," Lee said in a statement today.
He said WCT Group would also focus on maintaining a healthy financial and cashflow position as well as continue driving its core business activities to mitigate the impact of the decline in revenue.
The group's engineering and construction division will continue to focus on project execution.
The property development division will continue its efforts to reduce its unsold properties, drive future sales as well as divest undeveloped lands to improve the operating cashflows.
"For our retail malls, we will continue to extend support to our tenants to ride through this challenging period. We will also introduce new promotions and activities to drive higher customer footfall and increase consumer spending, while observing preventive guidelines issued by the local authorities to safeguard the safety and wellbeing of our tenants, shoppers and employees," he said.
Lee said WCT's engineering and construction division was expected to continue to be supported by its outstanding order book of over RM5 billion.
The division recently secured a building construction job worth RM1.2 billion for the superstructure works for Phase 2 of Pavilion Damansara Heights in March.
"Our performance for the current financial year of 2020 has been affected by the impact of the Covid-19 pandemic. With the implementation of the Movement Control Order (MCO) since March 18, there have been restrictions in business activities across all our businesses with lower level of activities at our construction sites due to stringent preventive measures and a drop in demand for our products and services,' he said.
Lee said the extent of the impact of the pandemic on WCT's financial results would depend on various factors.
This includes the speed of economic recovery, both domestically and internationally, as well as when Covid-19 can be effectively contained.