Widad’s largest shareholder appoints Industronics to manage Langkawi golf course, hotel project development
KUALA LUMPUR (May 8): Industronics Bhd said it has been appointed as the project management company to develop a hotel and golf course on a 155-acre parcel of land 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 secured the development rights from Langkasuaka Land Sdn Bhd, which is owned by Widad Business Group Sdn Bhd and also linked to Ikmal.
Industronics’ executive director Datuk Chu Boon Tiong is also a director in 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 key projects announced in Langkawi in recent years, the integrated Widad Langkasuka project comprises a golf and country club, villas, luxury condominiums and serviced apartments, as well as a shopping complex. The project was launched in October 2022.
Shares of Industronics closed unchanged at five sen, giving it a market capitalisation of RM35.38 million.