KUALA LUMPUR (June 22): Widad Group Bhd's (KL:WIDAD) founder and controlling shareholder Tan Sri Muhammad Ikmal Opat Abdullah has resigned as executive deputy chairman after nearly two years in the role.

He resigned due to personal commitments, according to the construction company's bourse filing on Monday.

Muhammad Ikmal, 58, holds a 0.06% direct stake and a 13.6% indirect stake in Widad.

He was appointed to the board in July 2024. The appointment came amid heightened scrutiny of Widad following findings by the National Audit Department that the company had entered into a put-and-call option arrangement with the Human Resources Development Corp in October 2020, which led to substantial investment losses.

On June 16, Widad announced that its proposed acquisition of four adjoining parcels of freehold industrial land in Nilai Industrial Estate from Hextar Technologies Solutions Bhd has been terminated after both parties failed to agree on revised terms for a new sale and purchase agreement.

The deal had earlier been called off in August last year, when Hextar said both parties were reassessing terms for a potential new transaction amid changing economic conditions and a re-evaluation of the land parcels.

Shares of Widad closed unchanged at two sen on Monday, giving the company a market capitalisation of RM62.42 million.