The hype seems to continue for technology services provider Heitech Padu Bhd’s stock which has surged over 13.58% since last Friday, following news Datuk Wira Farhash Wafa Salvador emerged as a new substantial shareholder with an indirect interest of 15.9%.
At 3.30pm today (Mar 19), HTPADU 5028 rose 0.070 to 2.600 (or by 2.8%).
The counter was the top gainer by value on Bursa Malaysia last Thursday. The counter has been on the rise year-to-date, appreciating by over 206.82%.
HeiTech Padu saw the emergence of Farhash, a former PKR Perak chief and ex-political secretary of a leading politician, as a new substantial shareholder with an indirect interest of 15.9% or 16.1m shares, which were acquired earlier last week. Farhash deemed interest in the company via a private vehicle Rosetta Partners Sdn Bhd, which bought 9.69m shares on Tuesday (March 12) and 6.16m shares on Monday.
The acquisition price was not disclosed, but according to Bloomberg data, 9.69m HeiTech shares crossed off market at RM2.15 apiece on Tuesday, a 27% discount versus the stock’s closing price of RM2.95 on the same day.
In a new development, businessman Farhash revealed that his shareholdings in government contractor HeiTech Padu Bhd also involves ownership by the Sultan of Kelantan.
Farhash said, in a brief statement today (Mar 19), )the shareholding in HeiTech Padu Bhd through Rosetta Partners Sdn Bhd is also part of an investment strategy between him and Sultan Muhammad V to support Bumiputera companies.
“For the record, Rosetta Partners Sdn Bhd is a wholly-owned subsidiary of Mfivesouthsea Sdn Bhd, which is jointly owned by myself and His Royal Highness Sultan Muhammad V, and not solely owned by me as claimed by some opposition members of Parliament,” he said.
“I would also like to clarify that I have never been involved in any government administration or political activities. My full focus at the moment is on business and corporate matters.”
Farhash said he issued the statement in response to the Pasir Mas MP, who in parliament yesterday, made allusions to Farhash’s involvement with the companies involved with government contracts.
In a disclosure made to Bursa Malaysia on Thursday, Heitech Padu announced the emergence of Farhash as a new substantial shareholder. Farhash now holds an indirect interest of 15.9%, equivalent to 16.1 million shares.
Farhash is the chairman and director of several companies, including 7-Eleven Malaysia Holdings Bhd and Apex Equity Holdings Bhd.
Seperately, MyEG Services Bhd revealed earlier in the week its acquisition of a 14.4% stake in HeiTech Padu on March 7 for RM31.25 million as part of a strategic investment. This e-government solutions provider further augmented its shareholdings by acquiring an additional 1.51 million shares, bringing its total stake to 15.9%.
HeiTech has recently announced the procurement of a contract extension valued at RM13.11 million for the provision of maintenance services to the Malaysian Immigration System (MyIMMs).
This extension coincides with the government’s ongoing selection process for the development of the National Integrated Immigration System (NIISe) to replace MyIMMs, which Home Minister Datuk Seri Saifuddin Nasution Ismail reportedly deemed outdated and insufficient for future immigration needs.
In a separate Bursa filing on March 14, HeiTech Padu announced it had secured a contract extension worth RM13.11 million for the provision of maintenance services to the Malaysian Immigration System (MyIMMs).
In May last year, home minister Saifuddin Nasution Ismail said the 20-year-old MyIMMs was outdated and no longer capable of meeting future immigration needs. In a written parliamentary reply, he said NIISe, which is expected to be operational in August 2025, will enhance the quality of delivering immigration services.
NIISe seeks to incorporate biometric technology to enable the adoption of e-Gates at immigration checkpoints.
