KUALA LUMPUR (July 18): Widad Group Bhd (KL:WIDAD) has named its founder and largest shareholder Tan Sri Muhammad Ikmal Opat Abdullah as the construction group's executive deputy chairman.

Muhammad Ikmal, 56, owns a 0.06% direct stake in Widad and a 13.71% indirect stake via Widad Business Group Sdn Bhd.

The group has also appointed Datuk Nasir Mat Dam, 69, as its executive director and Datuk Boey Chin Gan, 59, as an independent and non-executive director.

Nasir, who holds a master's degree in development administration from Western Michigan University in the US, has vast experience as a public servant. He is currently the vice-chancellor of Widad University College and senior executive director of Widad Business Group.

Boey, on the other hand, sits on the board of public listed companies Ecofirst Consolidated Bhd (KL:ECOFIRS) and Ajiya Bhd (KL:AJIYA).

Widad was recently in the spotlight after the National Audit Department reported that the group had entered into a put-and-call option arrangement with Human Resources Development Corp back in October 2020, which resulted in massive investment losses.

Shares of Widad finished unchanged at 5.5 sen on Wednesday, giving the group a market capitalisation of RM156.11 million. The counter has declined 88% year to date.