WIDAD Group Bhd has expanded its client portfolio to renewable energy industry under its facilities management segment.
Towards this end, the company today inked a memorandum of collaboration (MOC) with project partner, Motion Ventures Sdn Bhd.
Motion Ventures is principally engaged in the business of property, general commission agent, construction works and design, electrical and mechanical, telecommunication and information technology.
Currently, the company owns and operates 66 community solar projects in Malaysia whereby all the electricity generated from the community solar projects shall be supplied into the grid via a renewable energy power purchase agreement.
Pursuant to the collaboration agreement, Widad Group will provide facilities management to the community solar projects and the large scale photovoltaic plants with total capacity of 1,000 megawatt (MW) for Peninsular Malaysia (Package P1: 10MWa.c. to less than 20MWa.c. and Package P2: 30MWa.c. to 50 MWa.c).
Widad Group managing director Datuk Mohd Rizal Mohd Jaafar said the collaboration with Motion Ventures will enhance the company’s integrated facilities management service offerings and potentially expand its revenue and customer base.
“Having considered all the relevant aspects including the rationale and effects of the MOC, our board of directors is of the opinion that the MOC is in the best interests of Widad Group,” he pointed out.
The collaboration will be effective for a period of 12 months upon the execution by Widad Group and Motion Ventures and may be mutually extended by both parties.
The MOC is not expected to have any material effect on the earnings per share, net assets per share and gearing of Widad Group for its financial year ending Dec 31.
Currently, Widad Group has an outstanding order book of RM718.8 mil generated from its integrated facilities management and construction business.
At the close of the morning session, Widad Group was up 3.5 sen or 6.8% to 55 sen with 27.5 million shares traded, thus valuing the company at RM1.41 bil. – Feb 3, 2021
