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 :
Rotating towers survive Dubai’s construction downturn
by Benjamin Millington
on Saturday, 17 January 2009
TURNING TOWERS: The Dynamic Tower that rotates is going ahead, according to architect David Fisher (pictured).(Getty Images)The financial crisis will not stop the construction of two rotating tower projects in Dubai with both the developments predicted to break ground in the coming months, it was reported Saturday.
The 80-storey Dynamic Tower, famous for its independently rotating floors, was tentatively scheduled to start construction by the end of last year but has been hampered by delays in acquiring land approvals.
The Dubai property market has since been struck by the financial crisis, putting the brakes on several large projects and slashing real estate investment in the emirate.
Despite this, the tower’s architect, David Fisher, said the US $700 million (AED2.6 billion) project is still going ahead, according to Construction Week.
“The financial crisis of course does not help real estate,” said Fisher in an email to Construction Week.
“However, it seems that luxury buildings and mainly iconic buildings such as the Dynamic Tower are among the few that will be built,” he said.
“In fact we intend to launch the project quite soon, at which time all information will be revealed.”
The intended location of the tower has still not been disclosed. Construction of the tower is expected to take 22 months from the start of excavations due to the use of pre-fabricated units which are currently being manufactured in Italy.
Meanwhile, developers behind another rotating tower project, the 55° Time Dubai tower, say they too have been delayed but should be breaking ground sometime in the next two months.
“The paper work is already in place and we’re ready to move,” said 360° Time World director Tav Singh.
“We’re just holding back and giving some extensions to some of the people involved so that they can make their payments because we don’t want them to cancel their contracts.”
The US $204 million tower will be located in Dubailand’s City of Arabia and has been designed to rotate all 30 storeys 360° over the course of one week.
Construction is expected to be completed in two years.
الملخص .. سيتم الاستمرار في انجاز البرجين الدوارين بالرغم من الازمه الماليه ..
“استثمار” التابعة لدبي العالمية تلغي عقداً بقيمة 500 مليون درهم وتعلق الأشغال فيه
أرقام 14/01/2009
قالت نشرة ميد أنّ شركة استثمار، التابعة لدبي العالمية، قد ألغت عقدها مع شركة النابودة للمقاولات لبناء مستشفى في أبراج بحيرات جميرا بدبي بقيمة 500 مليون درهم، وعلقت الأشغال فيه من دون ذكر سبب ذلك.
ويشمل المشروع على إنشاء مستشفى من 8 طوابق يستوعب 200 سرير، وكان يضم أيضا بناء فندق ومبنى سكني قربه غير أنّه تم التنازل عنهما قبل بداية الأشغال في عام 2007.
ارجوك قبل الشراء اعلن في المنتدى.
Arabtec’s 2009 net income could be halved – Beltone
by Tom ArnoldThis email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 14 January 2009
MEYDAN PLAN: Beltone Financial says Arabtec’s 2009 net income could be halved after its cancelled contract for Dubai’s new racecourse.Arabtec’s net income in 2009 could be halved to 505 million dirhams ($137 million) following the termination of its contract to build Dubai’s new racecourse, investment bank Beltone Financial said on Wednesday.
In a worst case scenario, Arabtec could lose up to 502 million dirhams from the cancellation of the contractor’s 2.4 billion dirham deal with Meydan to construct Nad Al Sheba racecourse, the Egyptian bank said in a research note.
Government-owned Meydan terminated a joint contract with Dubai-based Arabtec and Malaysia’s WCT Bhd last week, blaming delays to delivery of the scheme.
Although the deal only accounted for around five percent of the contractor’s backlog, up to a further 130 million dirhams will be incurred by Arabtec over potential demobilisation costs and unpaid completed works, according to the bank.
In addition, Beltone said rumours pointed to the cashing out of a 230.5 million dirham performance bond. Drawn up between contractors and developers at the commencement of a project, the bond guarantees a developer compensation if the project contract is breached.
In this scenario it could bring its net income forecast for Arabtec in 2009 down from 1 billion dirhams to 505 million dirhams, Beltone added.
Generally, the bank said Arabtec’s exposure to project cancellation in Dubai was “risky”, given that over 40 percent of its estimated 42.8 billion dirhams order backlog was in the emirate involving upscale residential projects, apart from Mohamed Bin Rashid Housing Programme, the DIFC Central Park and Al Maktoum International Airport.
But Arabtec’s strong liquidity position will cushion the contractor against any lost cash, with a strong balance sheet enabling it to withstand the current crisis, the note added.
Shares in Arabtec, building the Burj Dubai, the world’s tallest tower, have fallen 26.5 percent since the start of the year.
No one was available to comment from Arabtec.
*** كالعاده ***
SHUAA Capital said in a research note last week the termination of the Meydan contract chipped around 1.2 billion dirhams off Arabtec’s order backlog and could end the contractor’s hopes for achieving growth next year,
Meydan chairman Saeed H Al-Tayer told Arabian Business last week the racecourse will be open in time for the Dubai World Cup horse race in 2010.
جزاك الله كل خير
يا أبو يعقوب