KUALA LUMPUR (April 22): Widad Group Bhd’s share price pared gains after rising as much as 3.5 sen or 7% to 53.5 sen in Bursa Malaysia morning trade today after the construction group announced yesterday that the Kedah state government had on Sunday (April 18) awarded the RM89.8 million Sungai Limau water treatment plant upgrade project to Widad Group’s wholly-owned subsidiary Widad Builders Sdn Bhd.
At 10:42am today, Widad Group’s share price pared gains at 52 sen on a volume of about 47 million shares.
At 52 sen, Widad Group has a market value of about RM1.28 billion based on the company’s 2.46 billion issued shares.
Widad Group shares were traded between 51 sen and 53.5 sen so far today.
The stock's price had fallen to current levels after rising to 81 sen on Dec 24, 2020.
Yesterday, Widad Group said in a Bursa filing that the water treatment plant upgrade project in Baling district has a contract period of 130 weeks commencing from May 2, 2021 to Oct 28, 2023.
"The project will not have any impact on the issued share capital and substantial shareholders’ shareholdings of Widad [Group]. However, it is expected to contribute positively to the earnings and net assets of Widad [Group] and its subsidiaries over the duration of the project,” Widad Group said.
Widad Group was formerly known as Ideal Jacobs (M) Corp Bhd. The name change took place on Dec 4, 2018, being the date of the certification of incorporation on change of name of company issued by the Companies Commission of Malaysia, according to Ideal Jacobs’ Bursa filing on Dec 5, 2018.
Widad Group’s major shareholder is Tan Sri Muhammad Ikmal Opat Abdullah, who owned direct and indirect stakes of 4.771% and 48.87% respectively in the company as at March 31, 2021, Widad Group said in a bourse filing on April 8, 2021.
Muhammad Ikmal is also a major shareholder of IT firm Dataprep Holdings Bhd.
On March 5, 2021, Dataprep said in an exchange filing that Muhammad Ikmal emerged as a substantial shareholder in Dataprep where he held direct and indirect stakes of 0.033% and 54.212% respectively as at March 1, 2021.