PNB Merdeka Ventures Sdn. Bhd. awarded a 676.8 million-ringgit contract to TSR Capital Bhd. and WCT Holdings Bhd. to construct an eight-story shopping complex in Kuala Lumpur.

Under the deal terms, respective subsidiaries of TSR and WCT will establish a 49/51 joint venture company to undertake the project, which will form part of PNB Merdeka's Merdeka 118 development. The development consists of the PNB118 Tower, the Park Hyatt Hotel and an observation deck.

The contract is expected to commence Jan. 2, 2019, and to be completed within 30 months.

As of Dec. 21, US$1 was equivalent to 4.17 ringgit.