KUALA LUMPUR (April 21): Widad Group Bhd has secured a contract worth RM89.8 million from the Kedah state government to upgrade the Sungai Limau water treatment plant in Baling.

The group said in a stock exchange filing that the project will be undertaken by its wholly-owned subsidiary Widad Builders Sdn Bhd, which is involved in construction and integrated facilities management activities.

The project will be funded via internally generated funds and external borrowings, said Widad.

It added that the contract is expected to contribute positively to its earnings and net assets over the duration of the project from May 2, 2021 to Oct 28, 2023.

Widad's share price closed unchanged at 50 sen, giving a market capitalisation of RM1.37 billion. The counter saw 33.62 million shares traded.