KUALA LUMPUR (Dec 4) : Widad Group Bhd’s wholly-owned subsidiary Widad Builders Sdn Bhd (WBSB) has secured from the Marine Department Malaysia, a RM21.38 million contract involving the management and maintenance of the Kuala Perlis, Kuala Kedah and Langkawi’s Kuah passenger jetty and terminal for five years.

Widad said in a Bursa Malaysia filing today that the contract period commences from Jan 1, 2021 to Dec 31, 2025.

"WBSB is principally involved in construction and integrated facilities management activities. The project is expected to be funded via internally-generated funds and/or external borrowings,” Widad said.

According to Widad, the Marine Department had on Tuesday (Dec 1) awarded the project’s tender, which WBSB accepted yesterday (Dec 3).

"The project will not have any impact on the issued share capital and substantial shareholders’ shareholdings of Widad. However, it is expected to contribute positively to the earnings and net assets of Widad and its subsidiaries over the duration of the project,” Widad said.

At 5pm today, Widad’s share price closed 0.5 sen or 0.81% lower at 61.5 sen, valuing the group at about RM1.53 billion.

The stock saw some nine million shares traded.