KUALA LUMPUR: Widad Group Bhd, formerly known as Ideal Jacobs (M) Corp Bhd, has bagged a RM190.5 million contract to build a 200-bed multidisciplinary private hospital in Selangor.

Its wholly-owned unit, Widad Builders Sdn Bhd, accepted the letter of award yesterday from Wardah Properties Sdn Bhd appointing the former as the main contractor, its filing with Bursa Malaysia said.

The hospital is to be built on a 3.43-acre (1.39ha) land.

Wardah is a wholly-owned subsidiary of Widad Business Group Sdn Bhd, which in turn is a substantial shareholder and parent company of Widad, making the contract a related party transaction.

It said the design and submission stage shall need six months till Nov 2, and that construction will follow for the next 36 months.

Widad's shares, which have fallen some 21% over the past one year, closed unchanged yesterday at 26.5 sen, for a market capitalisation of RM650.48 million. Some 2.88 million shares were traded.