Hextar Technologies in talks to sell five industrial plots in Widad

• The fully owned plots, with an area of ​​56,231 m2, are free of any charge and intended only for industrial purposes (warehouse). The approval of the state authority is required for any transfer, mortgage or lease of plots.

KUALA LUMPUR (Sept 11): Hextar Technologies Solutions Bhd (KL: HEXTECH ) is in exclusive negotiations with Widad Group Bhd (KL: WIDAD ) to dispose of five adjacent parcels of vacant industrial land in Negeri Sembilan at an undisclosed price yet to be confirmed.

Widad plans to pay for the plots, if they go ahead, by issuing new shares to Hextar Technologies.

Widad has entered into an agreement with Guper Bonded Warehouse Sdn Bhd, which is wholly owned by Hextar Technologies, for a three-month trading exclusive, based on their stock exchange filings on Wednesday.

The fully owned plots, with an area of ​​56,231 m2, are free of any charge and intended only for industrial purposes (warehouse). The approval of the state authority is required for any transfer, mortgage or lease of plots.

Hextar Technologies, formerly known as Complete Logistics Services Bhd, said it wanted to sell the land to unlock the value of its investment in the property and provide it with cash by selling the consideration shares to expand fund his technology business.

Widad said he was interested in buying the plots because he saw a strategic advantage that would allow him to expand his cash pool and income streams, and improve shareholder value by providing a sustainable, long-term business.

Businessman Datuk Eddie Ong Choo Meng is the largest shareholder in Hextar Technologies with a 61.38% stake in the group.

Hextar Technologies’ share price fell three sen, or 2.8%, to close at RM1.06 on Wednesday, taking the group’s market capitalization to RM2.18 billion. Widad was unchanged at 4.5 sen, valuing the group at RM139 million.

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