Widad buys into company with RM861m concession for UiTM campus

  • Corporate News
  • Thursday, 17 Oct 2019

Widad Group also has a comprehensive maintenance contract for the Istana Negara.

KUALA LUMPUR: Widad Group Bhd is buying Serendah Heights Sdn Bhd whose unit YBK Usahasama Sdn Bhd has a concession with the government and Universiti Teknoloji MARA (ÜiTM) to develop the facilities and maintain the UiTM campus in Jasin, Melaka.

According to Widad, Serendah Heights owns 100% of YBK which has a remaining concession of 14 years ending 2034, totalling RM861.60mil.

Widad, formerly IDEAL JACOBS (Malaysia) Corporation Bhd, had signed a heads of agreement with the shareholders of Serendah Heights, which were Prihatin Ehsan Holdings Sdn Bhd and Training Camp Aabata Sdn Bhd, to acquire their entire 90% stake.

The purchase consideration of RM95.89mil would be satisfied via cash of RM86.30mil, which is 90% of the purchase consideration, and issuance of new shares in Widad with value of RM9.59mil.

“The proposed acquisition is in line with Widad’s principal activities of construction and integrated facilities management.

“It represents a strategic opportunity for the company to strengthen its remaining order book from approximately RM910mil currently to RM1.8bil post proposed acquisition and diversifying its service offerings into the education industry, ” it said.

YBKU had entered into a concession agreement with the government ÜiTM on May 4,2010 to develop the facilities and infrastructure and to carry out maintenance works for the ÜiTM Campus in Jasin, Melaka.

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