السلام عليكم ..
فعلا الواحد يوم يتكلم عن الشفافية في أسواقنا فلازم يضرب بها المثل
و يوم يتكلم عن العلاقة بين المساهمين و الشركه و الحفاظ على استثماراتهم فلا يجد وصفا أقل مما يقال عنها بأنها صفر على الشمال
.. بعد البحث و التحري عن موضوع الغاء مشروع ميدان و خروج هرميس علينا بتوصياتها الذهبيه و أيضا بنك اتش اس بي سي و تقييمه للسهم ب 2.40 ..
نذهب الى بورصة ماليزيا، بعد اعلان خبر فسخ العقد بمشروع ميدان .. هبطت أسهم شركة WCT بنسبة 30% و تم تعليق التداول لحين اتضاح الامور، على هذا الرابط:
http://announcements.bursamalaysia.c…F?OpenDocument
General Announcement
Reference No WW-090106-60362
Company Name : WCT BERHAD
Stock Name : WCT
Date Announced : 06/01/2009
Type : Announcement
Subject : NAD AL SHEBA DUBAI RACECOURSE CONTRACT
Contents : Cancellation of Contract
Reference is made to the Company’s earlier announcement today pertaining to the cancellation of the Contract relating to the construction and completion of the main building works, external works and infrastructure works (“Contract”) of the Nad Al-Sheba Racecourse Project (“the Project”) by Meydan L.L.C. (“Employer”).
Background
The Contract was awarded by the Employer to the 50:50 joint venture between the Company and Arabtec Construction L.L.C. (“JV”) for a contract sum of approximately AED4.6 billion (approximately RM4.6 billion) with an original construction period of 754 days (approximately 25 months) and an original contractual Date for Completion of 7th October 2009.
Notice of Cancellation
On 29th December 2008, the Company was informed that the JV had received a notice dated 25th December 2008 from the Employer giving 14 days’ notice to cancel the Contract (“the Cancellation”). The Employer attributed the Cancellation to “non-adherence to the agreed time schedule for construction” which is strongly disputed by the JV.
Concerted efforts have been made by the Directors and the JV since receiving the notice to meet with the Employer with regards to the Cancellation.
Status
As of to-date, the JV has completed approximately 55% of the physical portion of the Works. Of the balance remaining Works, approximately 40% were works to be undertaken by Nominated Sub-Contractors and approximately 5% were works to be undertaken directly by the JV. WCT’s share of the potential loss of order book is approximately AED1.35 billion (RM1.29 billion).
Financial & Operational Impact
Subsequent to the Cancellation, the Employer called on the performance bond and advance payment bond provided by the JV, which call the JV is contesting. Should the JV fail in its contestation of the payment of bonds, the estimated net cash flow impact to the Company will be about RM178 million. The Company is of the opinion that it is able to fulfill its commitments with the issuing bank.
The above payment, when made, will result in the net gearing ratio of the Group to increase slightly to 0.57 times (currently 0.42 times). The Board is of the view that this payment on the bonds is recoverable from the Employer.
Other then the above, the Board is of the opinion that the Cancellation has no other significant financial and operational impact to the Group.
The Board views the Cancellation as a breach of contract on the part of the Employer. The Company, through the JV, is currently considering all its options and will take the necessary steps to protect the Group’s interests.
This announcement is dated 6 January 2009.
Announcement Details :
Arabian Business 07 January 2009:
New contractors in soon for Meydan project – chairman
by Tom Arnold
Contractors could be appointed “within days” to take over the construction of Dubai’s new racecourse following the sacking of two firms involved in the mega-project, the chairman of Meydan Group said on Wednesday.
Government-owned Meydan remained confident the Nad Al Sheba racecourse would be open in time for the Dubai World Cup horse race in 2010, chairman Saeed H al-Tayer said in an interview with Arabian Business. He confirmed the 4.6 billion dirhams ($1.25 billion) contract with Dubai-based Arabtec Holding and Malaysia’s WCT Bhd was terminated by Meydan because the joint venture was not able to “deliver certain zones” of the project on time.
The two companies had been contracted to build the 60,000-seat main stand and infrastructure works including a luxury hotel, offices for Dubai Racing Club and Meydan Museum and Gallery.
But al-Tayer said Meydan was keeping its options open as to whether it brought new firms in to complete the work or use the services of existing contractors working on other parts of the scheme. “We are geared up to deliver the project as announced to host the Dubai World Cup in 2010,” he said.
“It has always been our philosophy to have various companies on the ground who can take over the responsibilities, plus we have other people waiting in the wings, we just want to go through the formalities for the time being. As far as we were concerned they (Arabtec and WCT) weren’t on time to deliver certain zones for us as per the programme agreed between us, so we had to take a decision.”
He said Meydan had already paid both contractors up to date for the value of the contract completed.
Arabtec was still refusing to comment to Arabian Business on Wednesday but in a press release issued by the contractor, seen by SHUAA Capital, it expressed regret for Meydan’s decision to cancel the deal.
The termination of the contract chipped around 1.2 billion dirhams off Arabtec’s order backlog and could end the contractor’s hopes for achieving growth next year, Roy Cherry, vice president – research, real estate and construction, of SHUAA Capital said in a research note.
Arabtec’s backlog of work was reduced by 2.7 percent to 41 billion dirhams following the termination, Cherry said. He said the total contract value for Arabtec was 2.05 billion dirhams, with an estimated 1-1.2 billion dirhams of the contract left as of 2008 year end.
He said the maximum bottom line contribution of the cancelled contract would have been 120 to 144 million dirhams, which represented most of the 15 percent growth Arabtec was expected to achieve next year. This was assuming that Meydan paid any money owed to Arabtec for work completed to date and that no compensation would be paid for the cancellation of the remaining contract, he added.
Arabtec’s silence over the termination of the deal was a typical reaction in dispute management situations in the Gulf, added Cherry.
He said attempts by Meydan to bring in replacement contractors could prove difficult. “We are not sure that this is the simplest of tasks in the current environment,” he said. “The coming days will tell us whether this move is a hunt for a winning horse, a better deal, or a search for nickel and dimes in a world where cash is more king than ever.”
لا تعليق ..
مع انه كل شي جايز في سوق علي بابا و المليون حرامي لكن لا أعتقد أنه باع أسهمه .. لا تخاف علقوه من لغاليغه .. خخخخ ..
اللي كان يرش سابقا محفظه أجنبيه سيلت كميات كبيره ربما لمعرفتها بالخبر قبل الجميع و بالمقابل كانت هناك قوة شرائيه من العرب و المحليين ..
بعد خبر تسييل الضمان الذي قال عنه بوشهاب أعتقد الكل يبى يبيع .. و لهذا شفنا كميات كبيره على اللميت داون اليوم .. بس الآن البيع متأخر و ربما نشهد آخر لميت داون يوم الأحد .. و من بعدها ان شاء الله يعتدل الوضع .. قول ان شاء الله ..
بويعقووب هل رياض كمال هو اللي يرش السهم وهل يشوفه غالي عسب يشتريه من تحت ولصالح من هذا النزول القوي الله لا يبارك فيهم
رد أرابتك بخصوص المشروع:
Nad Al Sheba Racecourse Contract
Notice of Contract Cancellation
The Joint Venture between Arabtec Construction LLC, and WCT Engineering Berhad confirms the press release issued on the 5th of January 2009 by Meydan that its contract to build the Meydan racecourse project has been cancelled effective the 9th of January 2009. The Company expressed its regret for this decision by Meydan.
الى تاريخ اليوم نسبة الهبوط بلغت 43%
1.55 * 0.9 = 1.40 (نقطة 1.41 قاع سابق للسهم و تمثل تقريبا نسبة نزول بمقدار 6% في يوم الأحد)
هل ستوقف السهم من الانهيار ..