Widad Group up 1.41% on plan to take over RM861.6m UiTM concession via Serendah Heights buy

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KUALA LUMPUR (Oct 18): Shares in Widad Group Bhd, whose parent company Widad Business Group (WBG) put in a bid last week to take over concessionaires under PLUS Expressways Bhd from the Government, rose 1.41% this morning after the firm said it is forking out RM95.89 million to take up a 90% stake in Serendah Heights Sdn Bhd, which is the ultimate owner of a concession to develop and maintain the UiTM (Universiti Teknologi Mara) campus in Jasin, Melaka.

At 9.07am, Widad gained 0.5 sen to 36 sen for a market capitalisation of RM883.67 million.

There are 14 years remaining to the concession that will end in 2034, valued at RM861.6 million. The proposed acquisition is expected to boost the group's order book, which now stands at RM910 million, to RM1.8 billion on completion of the buy.