by NUR HANANI AZMAN / graphic by TMR

WIDAD Group Bhd’s founder and largest shareholder Tan Sri Muhammad Ikmal Opat Abdullah disposed some 131.5 million shares in the construction company throughout December as its stock price hit fresh highs.

This includes his latest disposal of additional 24.3 million shares last week, based on its exchange filings.

He also disposed of a total of 57 million shares in the construction outfit through a number of off-market transactions on Dec 14.

According to its annual report, Muhammad Ikmal’s total share in Widad as at June 4, 2020, is 61.49%, consisting of a direct stake of 4.1% and an indirect stake of 57.39%.

The company on Dec 17 announced that Bursa Securities granted an extension of time from Aug 10 until Nov 16, 2020, to comply with the public shareholding spread requirement.

Widad has complied with the public shareholding spread requirement as at Nov 16 at 27.12%.

At 5pm yesterday, Widad’s share price closed half a sen or 0.62% higher at 81 sen, valuing the group at about RM2.02 billion.

Its share price got some tailwind since Dec 15, after Widad signed a memorandum of collaboration (MoC) with Rinani Dynamic Sdn Bhd to distribute, market and sell Covid-19 vaccine developed by Vaxart Inc, as well as its other products.

“The MoC is to establish a collaboration for the preliminary understanding of arrangement for the alliance between the parties in distributing, marketing and selling the vaccine, subject to the terms and conditions of the MoC,” Widad said in a Bursa filing recently.

Upon the execution by both parties, the MoC shall take effect for a period of one year.

Widad’s wholly owned subsidiary, Widad Builders Sdn Bhd, on Dec 4 secured from the Marine Department Malaysia a RM21.38 million contract involving the management and maintenance of the Kuala Perlis, Kuala Kedah and Langkawi’s Kuah passenger jetty and terminal for five years.

The contract period commences from Jan 1, 2021, to Dec 31, 2025.

“Widad Builders is principally involved in construction and integrated facilities management activities. The project is expected to be funded via internally generated funds and/or external borrowings,” it said in bourse filing recently.