General Announcement for PLC

27/11/2019

OTHERS WIDAD GROUP BERHAD ("WIDAD" OR "COMPANY") (FORMERLY KNOWN AS IDEAL JACOBS (MALAYSIA) CORPORATION BHD) EXECUTION OF HEADS OF AGREEMENT (HOA) WITH MENANG DEVELOPMENT (M) SDN BHD (MDSB), MENANG INDUSTRIES (M) SDN BHD (MISB) AND TENTU SELESA SDN BHD (TSSB) IN RESPECT OF THE PROPOSED ACQUISITION OF 100% EQUITY INTEREST IN INNOVATIF MEWAH SDN BHD (IMSB)

WIDAD GROUP BERHAD

Type Announcement
Subject OTHERS
Description 
WIDAD GROUP BERHAD ("WIDAD" OR "COMPANY") (FORMERLY KNOWN AS IDEAL JACOBS (MALAYSIA) CORPORATION BHD)

EXECUTION OF HEADS OF AGREEMENT (HOA) WITH MENANG DEVELOPMENT (M) SDN BHD (MDSB), MENANG INDUSTRIES (M) SDN BHD (MISB) AND TENTU SELESA SDN BHD (TSSB) IN RESPECT OF THE PROPOSED ACQUISITION OF 100% EQUITY INTEREST IN INNOVATIF MEWAH SDN BHD (IMSB)

The Board of Directors of Widad wishes to announce that the Company had on 27 November 2019 entered into a HOA with the shareholders of IMSB, namely, MDSB, MISB and TSSB holding an aggregate of 100% equity interest or 69,300,100 ordinary shares (“Sale Shares”) in IMSB (collectively referred to as “the Vendors”) with a view to acquire 100% equity interest in IMSB (“Proposed Acquisition”), for a purchase consideration of RM122,000,000.00 (“Purchase Consideration”) to be satisfied via cash, subject to the terms and conditions of share sale and purchase agreement to be entered into between the parties (“Definitive Agreement”).

 

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

 

This announcement is dated 27 November 2019.


Please refer attachment below.

Attachments

Widad - Head of Agreement.pdf
116.1 kB


Announcement Info

Company Name WIDAD GROUP BERHAD
Stock Name WIDAD
Date Announced 27 Nov 2019
Category General Announcement for PLC
Reference Number GA1-27112019-00045


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