PETALING JAYA: Widad Group Bhd
has signed a heads of agreement (HOA) with Guper Bonded Warehouse Sdn Bhd to acquire five adjacent parcels of industrial land totalling approximately 56,231 sq m in Nilai, Negri Sembilan.
The group, in a filing with Bursa Malaysia, said the purchase price will be determined later by Widad and Guper Bonded, based on the terms and conditions outlined in the HOA and subject to those specified in the sale and purchase agreement.
Widad said the proposed acquisition is to broaden its sources of cash flow and income streams while enhancing value for shareholders by providing a stable, long-term business.
“The financial effect of the proposed acquisition can only be determined upon the finalisation of the proposed acquisition. Other than inherent risks associated with property development business, we do not foresee additional business and industry risks,” it said.
