WCT share price tumbles on Doha suit

PETALING JAYA: WCT Holdings Bhd's share price fell 4.31% this morning to RM2.00 on news that its Middle East regional office in Doha, Qatar is being sued for 181.57 riyals (RM214.12 million).
As at 10.47am, WCT is the ninth top loser on Bursa Securities. WCT shares fell 9 sen with 633,200 shares changing hands. It has a market capitalisation of RM2.93 billion.
Yesterday, WCT told the stock exchange, its Qatar office had on July 8 received the Court of Arbitration of the International Chamber of Commerce a Request for Arbitration dated June 22 filed by Trans Gulf International Electro-Mechanical WLL, Powermech Engineering WLL and Trans Gulf International Electro-Mechanical WLL – Powermech Engineering WLL JV, naming its wholly owned subsidiary WCT Bhd (WCTB) as the respondent.
The claimants were WCTB's subcontractors for mechanical, electrical and plumbing related works for the Ministry of Interior Head Quarters Project in Doha, Qatar.