Quick take: Widad up 6% after RM90mil contract win

KUALA LUMPUR: Shares in Widad Group Bhd rose in early trade Thursday after securing a RM89.8mil contract in Kedah.

The counter rose 6%, or three sen to 53 sen with over 24 million shares done. Widad-WA added 7.94%, or 2.5 sen to 34 sen with 16 million shares exchanged hands.

Widad has bagged a RM89.8mil contract from the Kedah state government to upgrade the Sungai Limau water treatment plant in Baling.

It said the project would be undertaken by its 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, said 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.

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