PETALING JAYA: Widad Group Bhd is acquiring four adjoining parcels of vacant industrial land measuring 10.395 acres in Seremban, Negri Sembilan as part of its plan to diversify into property development.

In a filing with Bursa Malaysia, the integrated facilities management (IFM) and construction firm said it is acquiring the parcels of land from Guper Bonded Warehouse Sdn Bhd for RM31.3mil.

“Although the group recorded an overall increase in revenue over the last three financial years, the overall profitability declined due to various factors.

“The proposed acquisition together with the proposed diversification are part of the group’s strategic plan to capitalise on other growth opportunities and diversify its business portfolio to reduce its reliance on its existing IFM and construction businesses,” the company said in the statement.