The Board of Directors of Widad wishes to announce that the Company had on 17 October 2019 entered into a HOA with the shareholders of SHSB, namely, PEHSB and TCASB holding an aggregate of 90% equity interest or 4,500,000 ordinary shares (“Sale Shares”) in SHSB (collectively referred to as “the Vendors”) with a view to acquire 90% equity interest in SHSB (“Proposed Acquisition”), for a purchase consideration of RM95,890,000.00 (“Purchase Consideration”) to be satisfied via cash of RM86,301,000.00, being 90% of the Purchase Consideration and issuance of new ordinary shares in Widad (“Consideration Shares”) with value of RM9,589,000.00 being 10% of the Purchase Consideration free from any encumbrances, subject to the terms and conditions of share sale and purchase agreement to be entered into between the parties (“Definitive Agreement”).

SHSB holds and owns one hundred percent (100%) shares in YBK Usahasama Sdn Bhd (“YBKU”). YBKU entered into a concession agreement with Government of Malaysia and Universiti Teknoloji MARA (“ÜiTM”) on 4 May 2010 to develop the facilities and infrastructure and to carry out maintenance works for the ÜiTM Campus in Jasin, Melaka. Currently YBKU has remaining concession period of another fourteen years ending 2034, totalling RM861.6 million.

Please refer to the attached file for details of the announcement.

This announcement is dated 17 October 2019.