KUALA LUMPUR (July 31): WCT Holdings Bhd (KL:WCT) is acquiring the Employees Provident Fund’s (EPF) remaining 30% stake in Jelas Puri Sdn Bhd for RM140 million, giving the construction and property group full control of the developer behind the Paradigm Petaling Jaya integrated development.
Its wholly-owned subsidiary WCT Land Sdn Bhd will acquire 93 million Jelas Puri shares from the EPF, with the purchase consideration to be paid entirely in cash using internally generated funds, WCT said in a Bursa Malaysia filing on Friday.
WCT Land currently owns 70% of Jelas Puri. Upon completion, expected by early August, Jelas Puri will become an indirect wholly-owned subsidiary of WCT.
WCT said full ownership would give the group greater flexibility in managing Jelas Puri and undertaking future corporate exercises, including restructuring or rationalisation, without requiring approval from a joint venture partner.
Jelas Puri developed the Paradigm Petaling Jaya integrated development in Kelana Jaya, which comprises The Ascent office tower, Le Méridien Petaling Jaya hotel, Paradigm Mall Petaling Jaya, the Azure Residences and Sapphire Paradigm.
It sold Paradigm Mall Petaling Jaya to Paradigm Real Estate Investment Trust in June 2025. Jelas Puri currently owns the Le Méridien hotel and 230 million units in Paradigm REIT.
For the financial year ended Dec 31, 2025, Jelas Puri recorded a net loss of RM7.51 million on RM101.22 million revenue. Its net assets stood at RM191.25 million.
According to WCT’s filing with Bursa Malaysia, the purchase price was agreed on a willing-buyer, willing-seller basis, taking into account Jelas Puri’s financial position, prospects, the EPF’s investment cost and other relevant commercial factors.
The deal does not require WCT shareholders’ approval. Completion is subject to Jelas Puri securing consent from Malaysian Trustees Bhd, the trustee and security trustee for the noteholders and security parties under Jelas Puri’s RM500 million bond programme.
WCT’s shares closed 1.28% higher at 39.5 sen on Friday, valuing the company at RM615.8 million. Year to date, the stock is down almost 32%.