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Mr 'T' steps down from WCT THE surprising exit of WCT Holdings Bhd principal founder and long time managing director Peter Taing Kim Hwa louis vuitton en amazon has left many questioning the long term future of the group. On Nov 1, WCT disclosed that Taing and another co founder, Wong Sewe Wing, had ceased to become major shareholders in the group after disposing of their equity interest to Tan Sri Desmond Lim Siew Choon who heads the Pavillion Group. As the in WCT a combination of the surnames of its four co founders there is little doubt that Taing was instrumental in steering WCT into what it is today, which is a construction and property conglomerate with a sprawling portfolio business interests locally and overseas. During his 35 year stint building up WCT Taing has known the vagaries of the corporate world better than most. He has led the group through three major market maladies the tin price collapse of 1985, the 1998 Asian financial crisis and the 2008 global financial crisis. Having how to tell if louis vuitton bracelet is real repeatedly survived and rebounded from these challenges, Taing successfully oversaw the transformation of WCT from a niche subcontractor into a prominent international player. A former senior executive at the group joked that Taing time at the company outlasted that of Malaysia longest serving prime minister Tun Dr Mahathir Mohamad who was at the helm for 22 years, which is a testament to both his tenacity and leadership skills. were around during the start of Malaysia economic boom. WCT origin story is as humble as Taing own background. Through sheer determination, his parents managed to finance his tertiary education in the United Kingdom. Taing successfully graduated with a degree in economics at the Sunderland Polytechnic (now Sunderland University) in 1979. Fast forward two years later and Taing, alongside Chan Soon Huat and the Wong brothers Chew Lai and Sewe Wing, had started WCT Earthworks and Building Contractors. The founders scraped enough funds to buy a single asset a used Caterpillar (CAT) 950 wheel loader for RM175,000, which was a fortune back in 1981. Big break In the same year, WCT Earthworks acquired the assets of Wong Earthworks, a company belonging to the Wong brothers. This gave the firm access to another six wheel loaders which were quickly deployed in the fast growing tin mining industry. However, the commodity price collapse in the mid 1980s forced WCT to move out of the sector and into civil engineering and infrastructure works. After a series of smaller earthworks jobs for property developments, its big break came in 1992 when the group was commissioned for the Selangor Turf Club infrastructure project. It subsequently achieved listing status as WCT Holdings Bhd on Bursa Malaysia in 1995 and began venturing overseas in the early 2000s. Today, WCT carries a capitalisation of RM2.26bil and has successfully executed more than 400 construction projects worth in excess of RM30bil. Its property arm has built more than 15,000 units in the past 19 years and owns a landbank of about 1,000 acres in Malaysia. Not one to forget his roots, Taing tends to shy away louis vuitton purses qvc from taking credit for WCT achievements. group is not a one man show, he has previously said. It is said that his favourite analogy is that of a ship, where its ability to sail is not dependent on the captain alone but on the whole crew. To stress this point, a large replica of the San Felipe, a 17th century Spanish warship, adorns his office. However, WCT is currently in uneasy waters.
In spite of its many quality assets, it has a debt of RM2.73bil while at the same time the group has been slow in monetising its holdings and deleveraging its financials. With the group stock price currently far below that during WCT heyday in the early 2000s, the group shareholders are now faced with a transitional period louis vuitton neverfull flower whereby Taing successor will have to carry out the plans that he had envisioned.
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