The Board of Directors of Widad Group Berhad (“Widad” or “Company”) wishes to announce that the Company had on 26th April 2019 incorporated a wholly-owned subsidiary, namely WIDAD RAIL SDN. BHD.  with an initial share capital of RM1.00 comprising 1 ordinary share.

The intended business activities of WIDAD RAIL SDN. BHD. are as follows;

1.  Involved in construction which include infrastructure, civil works, mechanical and electrical for rail track, depot, stations, warehouse and its ancillary activities;

2. Maintenance, repair and overhaul for rolling stock, locomotive, wagon, machinery, system and facility related to rail industry; and

3.  Supply of rolling stock, locomotive, wagon, system, machinery, equipment related to rail industry including parts and consumables.

The said incorporation is not expected to have any material impact on the earnings per share, net assets per share, share capital and substantial shareholders’ shareholdings of the Company for the financial year ending 31 December 2019.

The said incorporation is not subjected to the approval of the Company’s shareholders.

None of the directors and/or major shareholders of the Company and/or persons connected with them have any interest, whether direct or indirect, in the said incorporation.

The Board of Directors of the Company is of the opinion that the said incorporation is in the best interest of the Company.

This announcement is dated 26 April 2019.