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MX News Update 2024

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Widad’s largest shareholder appoints Industronics to manage Langkawi golf course and hotel development

Widad’s largest shareholder appoints Industronics to manage Langkawi golf course and hotel development

  • One of the most significant projects announced in Langkawi in recent years, the integrated Widad Langkasuka project includes a golf and country club, villas, luxury apartments and serviced apartments, as well as a shopping complex. The project started in October 2022.

KUALA LUMPUR (May 8): Industronics Bhd said it has been appointed as the project management company for the development of a hotel and golf course on a 155-hectare plot in Langkawi.

The company said its subsidiary Olympex Sdn Bhd has signed a project management contract with Temoyong Land Sdn Bhd (TLSB) for the development, which is located in Seksyen 4 of Bandar Padang Matsirat on the island.

TLSB is owned by Widad Group Bhd’s largest shareholder Tan Sri Ikmal Opat Abdullah. TLSB has acquired the development rights from Langkasuaka Land Sdn Bhd, owned by Widad Business Group Sdn Bhd and also linked to Ikmal.

Datuk Chu Boon Tiong, executive director of Industronics, is also a director at TLSB.

Industronics’ largest shareholder is Bluemount Investment Fund SPC, with a direct stake of 6.79% or 48.04 million shares, followed by Chu with a 1.74% stake.

One of the most significant projects announced in Langkawi in recent years, the integrated Widad Langkasuka project includes a golf and country club, villas, luxury apartments and serviced apartments, as well as a shopping complex. The project started in October 2022.

Industronics shares closed unchanged at five sen, giving it a market capitalization of RM35.38 million.

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