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 :
لا تعدل الا اذا كان هناك بوادر ايجابيه .. الى الآن الأخبار سلبيه ..
عن تجربه شخصية سياسة التعديل في الترند الهابط فاشله ..
و في مثل قاله أخي thebroker “لا تلتقط السكين و هي في نزول”
Construction Week 09 January 2009:
…
A Kuala Lumpar-based JP Morgan analyst, who is close to WCT management, told CW that 60% of construction work had been completed, but the joint venture had only been paid for 28% of it.
“I wouldn’t have been surprised had there been a re-negotiation,” he said. “Either a combination of lower contract values to reflect lower pricing or a down-scoping exercise where the original contractors could do something smaller. What was disturbing was the announcement that the contract had been cancelled. It is a strange way to start the year for the client, the contractors and the market.”
Shares in WCT took their biggest dive in 14 years on the news, sliding 30% before trading was suspended in Kuala Lumpur.
“In any construction project there are always differences between what you want to achieve and what is actually happening on the ground,” a WCT spokesman said. “Changes to the design and to the work that is to be done are always happening in every project, especially in areas like Dubai where construction is always so intense.”
Arabtec chairman Riad Kamal remained tight-lipped on the subject. “Now is not really the time to discuss the reasons why the contract was cancelled,” he said. “I would rather not go into this for reasons of non-disclosure and other commitments.”
ترجمة الأخ المتابع:
الترجمة:
أما رئيس مجلس إدارة شركة أرابتك رياض كمال فقد ظل مطبقا شفتاه رافضا التعليق على الموضوع.
وقال بأن الوقت غير مناسب حاليا للبحث في أسباب إلغاء العقد وأفضل عدم الخوض في التفاصيل لأسباب تتعلق بعدم الإفصاح و ارتباطات أخرى.
الشركه الماليزيه ستطالب بتعويض 310 مليون درهم من شركة ميدان
Bername (Malaysian News Agency) 09 January 2009:
WCT to claim RM300m from Meydan
KUALA LUMPUR – Construction and property development company WCT Bhd intends to claim RM300 million from Meydan L.L.C. of Dubai for cancelling the RM4.6 billion racecourse contract in Dubai, according to OSK Research.
This comprises RM178 million in performance and advance payment bonds, RM75 million for unpaid completed works and RM47 million for demobilisation costs, the research house said in a research note today.
WCT shares rose three sen to RM1.16 at 4.10pm on Bursa Malaysia. Recently, WCT reported that its 50:50 joint venture with Arabtec Construction L.L.C. (ARTC) was given 14 days’ notice by Meydan that it would cancel the contract relating to the construction of the Nad Al Sheba Dubai Racecourse.
Meydan chairman Saeed H. Al-Tayer was quoted as saying in a news report that the company terminated the racecourse contract with Dubai-based Arabtec and WCT because the joint venture was not able to deliver certain zones of the project on time.
Yesterday, OSK Research said it made a visit to WCT to seek details on the contract cancellation. The research house said it was told by the WCT management that work on the project had encountered minor delays of about two months.
However, the company stated that the delays were mainly due to design changes required by Meydan, late submissions of project drawings and slow instructions to proceed with the revised changes.
“All of which it believes is due to no fault on its part.
Further, there were also requests by Meydan for the joint venture to complete the hotel portion of the job first, in time for this year’s race (in June) to be held in the neighbouring turf,” OSK Research said.
“This resource relocation had inevitably caused some minor delays in constructing the one-kilometre grandstand and hence, the overall project. While the joint venture requested an extension of two to three months to account for the above factors, this was refused by Meydan,” it said.
OSK Research said the termination of the contract was puzzling because at the point of termination notice, there would have been about 10 months left before the contract completion date.
“The bulk of the core structure works has already been completed (95 percent). Non-core structure works can always be finished at a faster pace. If the previously mentioned two- to three-month extension was given, job completion would have been deemed on track,” it said.
According to OSK Research, even with the two-month delay incurred, the job would have still been completed by end-2009 in time for the race in March 2010.
“We see that terminating the joint venture and hiring new contractors would further exacerbate delays in job,” it said.
ان شاء الله اخوويه والله يسمع منك وهل تنصحني اعدل سعري ولا لا بويعقوب وثاني شي الخاص عندك ممتلئ ممكن تمسج الايميلات هههههههه عسب اطرشلك شي
نكمل مع المقالات الأجنبيه و لا عزاء للمقالات و الاعلام المحلي
The Financial Times, 14 January 2009:
By Robin Wigglesworth in Abu Dhabi
Published: January 14 2009 18:08 | Last updated: January 14 2009 18:08
When Riad Kamal, a Palestinian engineer, arrived in Dubai in 1974 the first project he worked on was the Pearl Building, a 17-storey tower that was then the tallest building in the commercially minded but still unknown trading hub.
More than three decades later, Arabtec, the company that Mr Kamal founded and has nurtured into one of the leading construction businesses in the United Arab Emirates, is due to complete the Burj Dubai, the world’s tallest building. In the first nine months of last year, Arabtec’s profits more than doubled to Dh761m ($207.3m) compared with the same period the previous year.
However, the completion of the Burj Dubai will come at one of the most trying periods not just for the UAE, but also for Dubai and Mr Kamal’s construction company. The credit crunch has undermined the previously booming property market and caused developers to cancel several projects and review all future plans.
“I’ve lived here 35 years now, and I’ve seen ups and downs – but nothing like this,” says Mr Kamal. “What has been achieved in recent years has been tremendous, but we now face a slowdown and a correction.”
According to a Colliers International report released this week, house prices in Dubai dropped 8 per cent in the fourth quarter. Many analysts expect to see steeper declines in 2009.
“At the moment demand is absolutely stagnant,” admits Mr Kamal. “One of the big questions for the developers will be whether people that have committed to buying places will meet their commitments, as the market has been dominated by speculators.”
Banks are scrambling to limit their exposure to anything related to real estate, tightening mortgage conditions and limiting financing to even the largest developers. Investors are no more optimistic, and are shunning property-related stocks, including Arabtec. The company, which employs more than 52,000 people, lost more than half its market value on the Dubai Financial Market last year.
The cancellation last week of a $1.3bn contract by Meydan, a Dubai government company, to build a horse racetrack in Dubai with Malaysia’s WCT – ostensibly due to delays – was therefore bad timing for Arabtec, and sent the stock further down.
Mr Kamal declines to comment on the cancellation, but stresses that even if, in the worst-case scenario, half of the company’s Dh42.2bn order backlog was aborted, its workers would still be busy this year and next.
Analysts at Shuaa Capital, a local investment bank, agree that while the cancellation could “erase Arabtec’s hopes for earnings growth”, the company remains in a good position to withstand rising project delays and terminations. Even if every Dubai contract were to be cancelled the stock would still be undervalued, the bank notes.
Sean Gardiner, head of research at Morgan Stanley in Dubai, says Arabtec is one of the bank’s favoured equity picks in the Gulf for 2009. While stressing that the Meydan cancellation “increases the risk factor” surrounding Arabtec’s order book, the company should benefit from increased infrastructure spending across the Gulf, says Mr Gardiner.
Mr Kamal expects at least half of Arabtec’s projects to move ahead on schedule, while a quarter could be put on hold and the rest still progress – but more slowly than expected.
However, to counter a slowdown in Dubai, Arabtec will “spread its wings”, says Mr Kamal. “Going forward we will concentrate more on markets such as Abu Dhabi, Doha and Saudi Arabia.”
Still, Mr Kamal warns against discounting Dubai’s rapid recovery from its travails. In the 1970s, the emirate completed the construction of the Jebel Ali port a few miles outside the city.
“People said it would be a disaster and for four year years it was inactive, but look at it now,” he says.
Copyright The Financial Times Limited 2009