PETALING JAYA: A proposed 10.4-acre land sale in Negri Sembilan worth RM31.3mil between Hextar Technologies Solutions Bhd
(HexTech) and Widad Group Bhd has collapsed after nearly two years of negotiations.
In a bourse filing, HexTech said both parties mutually agreed to cease all discussions for the disposal of four adjoining parcels of vacant industrial land in Nilai Inland Port to Widad Development (Nilai) Sdn Bhd, a wholly-owned subsidiary of Widad Group.
Following the termination, neither party is subject to any further obligation or claim against the other.
The heads of agreement was first signed on Sept 11, 2024 involving five parcels of land. On April 17, 2025, conditional sales and purchase agreement was signed for four of the original land parcels.
The purchase price of RM31.3mil was supposed to be settled via the issuance of approximately 993.65 million shares in Widad Group at 3.15 sen per share.
As of end-March 2025, it was estimated that the new shares would translate to 24.15% of Widad Group’s total enlarged number of shares. This would have made HexTech the single largest shareholder of Widad Group.
However, HexTech has announced then that it aims to “gradually dispose of” the shares for cash. The land sale was supposed to deliver net pro forma gain on disposal of RM25.97mil to HexTech.
The proceeds are expected to allow HexTech to meet its funding requirements for investment in technology business and for working capital purposes.
