WIDAD GROUP BERHAD ("WIDAD" OR THE "COMPANY")

PROPOSED ACQUISITION OF 100% EQUITY INTEREST IN PALM SHORE HOLDINGS SDN BHD ("PSHSB") BY WIDAD CAPITAL SDN BHD ("WCSB"), A WHOLLY OWNED SUBSIDIARY OF WIDAD FROM NAWAWI BIN TAMBY ("NBT") AND MOHD GHAUTH BIN MOHD YUSOFF ("MGY") ("VENDORS") (INCLUDING REPAYMENT OF VENDORS ADVANCES) FOR A TOTAL CONSIDERATION OF RM35.00 MILLION TO BE SATISFIED IN CASH ("PROPOSED ACQUISITION")

We refer to Widad’s announcement dated 13 May 2022, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) Whether the Repayment of Vendors’ Advances by WCSB will be treated as a loan by WCSB to PSHSB (“Loan”), and if so, the terms of repayment of  the Loan including tenure and applicable interest rate.
2) Whether the valuation conducted by UHY Advisory (KL) Sdn Bhd is to facilitate the potential adjustment to the purchase consideration for the Proposed Acquisition (“Adjustment”). If not, to name the independent valuer for the Adjustment, the date of valuation, quantification of the market value and to make it available for inspection.
3) To elaborate on how the Adjustment will be determined, and to provide the formula to quantify the Adjustment.
4) The effects of the Proposed Acquisition on Widad’s outstanding warrants, or a negative statement thereto.
5) The estimated time frame for submission of application to Unit Kerjasama Awam Swasta for the change of the shareholders of PSHSB.

6) To state whether the Proposed Acquisition is subject to the approval of Widad’s shareholders.
7) To state whether the concession granted to PSHSB is renewable, and if so, for how many years.
8) To make available for inspection the valuation report by UHY Advisory (KL) Sdn Bhd.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully,
Listing, 
Regulation

Cc : Market Surveillance Dept. , Securities Commission (via email)