KUALA LUMPUR (April 22): Widad Group Bhd rose more than 6% in active trade this morning after the group announced that it had secured a RM89.8 million contract to upgrade the Sungai Limau water treatment plan in Baling, Kedah.
At 9.28am, Widad had risen 6% or three sen to 53 sen on a volume of 26.94 million shares, valuing it at RM1.46 billion. The stock earlier rose to a high of 53.5 sen.
Yesterday, the Kedah state government awarded the tender to Widad’s wholly-owned subsidiary Widad Builders Sdn Bhd, which is involved in construction and integrated facilities management activities.
The project will be funded via internally generated funds and external borrowings, according to Widad.
It added that the contract is expected to contribute positively to its earnings and net assets over the duration of the project from May 2, 2021 to Oct 28, 2023.