Widad Group secures contract worth RM129m

by TMR / pic by TMR FILE 

WIDAD Group Bhd secured a RM129 million contact to upgrade water treatment plant in Bukit Selambau, Kuala Muda, Kedah via wholly-owned subsidiary, Widad Builders Sdn Bhd.

In a filing to Bursa Malaysia today, the group that is principally involved in construction and integrated facilities management activities noted, the contract period is 130 weeks commencing from 6 June 2021 to 2 December 2023.

“The Project will not have any impact on the issued share capital and substantial shareholders’ shareholdings of Widad.

“However, it is expected to contribute positively to the earnings and net assets of Widad and its subsidiaries over the duration of the project,” said Widad.

The Project is expected to be funded via internally generated funds and/or external borrowings.

The Project, being part of the ordinary course of business of Widad Group, is not subject to the approval of shareholders of Widad or any relevant authorities.