KUALA LUMPUR: Widad Group Bhd has signed two conditional shares sales agreement (SSA) to fully acquire Serendah Heights Sdn Bhd (SHSB) for RM127.02 mil.
The group, in a statement today, said one SSA was with the shareholders of SHSB – Prihatin Ehsan Holdings Sdn Bhd and Training Camp Aabata Sdn Bhd – for a 90% equity interest or 4.5 million ordinary shares in SHSB for RM114.62 mil.
This will be satisfied in cash and the issuance of new ordinary shares in Widad Group.
The other SSA with Just Wisdom Sdn Bhd is for the remaining 10% equity interest or 500,000 ordinary shares for RM12.40 mil in cash.
“The proposed acquisition is in line with Widad Group’s principal activities which are construction and integrated facilities management.
“This is part of our corporate expansion strategy to strengthen the group’s revenue stream and cash flow positions in the long run, as well as to possess more solid long-term assets,” Widad group managing director Datuk Mohd Rizal Mohd Jaafar said.
SHSB’s wholly-owned subsidiary, YBK Usahama Sdn Bhd (YBKU), entered into a concession agreement with the government and Universiti Teknologi MARA (UiTM) on May 4, 2010 to develop the facilities and infrastructure and to carry out maintenance works for the UiTM Campus in Jasin, Melaka.
Currently YBKU has a remaining concession period of 14 years ending 2034, totalling RM861.6 mil.
The proposed acquisitions are expected to be completed in the second quarter of 2020. Feb 19, 2020, Bernama
