KUALA LUMPUR: Widad Group Bhd has been awarded a contract worth RM116.80 million from the East Coast Economic Region Development Sdn Bhd (ECERD).

       The award is for the construction and completion of the Tok Bali Industrial Park (Phase 1A) in Kelantan, the group said in Bursa Malaysia filing.

       The group’s wholly-owned subsidiary, Widad Builders Sdn Bhd, accepted the tender for the project from the East Coast Economic Region Development Council today.

       "The contract period shall be 156 weeks from Dec 4, 2023.

       "The project would not have any impact on the issued share capital and substantial shareholders’ shareholdings of Widad,” said the group, which engages in construction activity and integrated management facilities.

       The project is expected to contribute positively to the earnings and net assets of Widad and its subsidiaries over the duration of the project.

       Widad said the project will be funded via internally generated funds and external borrowings. - Bernama

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