ZUL RAFIQUE & partners is proud to announce that its Projects & Corporate Advisory team, Falisa Abu Bakar, Lee Yee Fern and Sheree Shezleen Salehaldin, were the legal counsels for Prihatin Ehsan Holdings Sdn Bhd and Training Camp Aabata Sdn Bhd, who recently entered into a Heads of Agreement with Widad Group Berhad (WGB) on 17 October 2019 for the proposed disposal of their shares in Serendah Heights Sdn Bhd (SHSB) to WGB.

The proposed transaction involves the sale and purchase of ninety percent (90%) equity interest in SHSB, for a purchase consideration of MYR95.89 million to be satisfied via cash and issuance of new ordinary shares in WGB, subject to the terms and conditions of a definitive sale and purchase agreement to be entered into between the parties.

SHSB via its wholly-owned subsidiary, YBK Usahasama Sdn Bhd, holds the concession with the Government of Malaysia and Universiti Teknologi Mara (UiTM) to develop facilities and infrastructure and to carry out maintenance works for the UiTM Campus in Jasin, Melaka. There are currently fourteen (14) years remaining to the concession agreement that will end in 2034, valued at MYR861.6 million.

To read more on this deal, click here

For more insights into this area of law, please contact our Partners in Projects & Corporate Advisory Group:
Khairuzzaman Muhammad
Falisa Abu Bakar