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Farhash is no longer a substantial shareholder in HeiTech Padu | Scoop
Businessman Datuk Farhash Wafa Salvador Rizal Mubarak had previously said that he had ‘never been involved in any government administration or political activities’, despite speculation from some quarters. – suarakeadilan.my pic, April 18, 2024
News

Farhash is no longer a substantial shareholder in HeiTech Padu

The change in shareholdings comes a day after HeiTech and MyEG announced a collaboration in the RM190 mil MySikap contract

Scoop Reporters
Updated
8:23 PM MYT

 

KUALA LUMPUR – Businessman Datuk Farhash Wafa Salvador Rizal Mubarak is no longer a substantial shareholder in government contractor HeiTech Padu Bhd. 

In a Bursa Malaysia filing today, HeiTech Padu said that the “cessation of his deemed interest” in the company follows a change in shareholdings in Mfivesouthsea Sdn Bhd, which is a wholly-owned subsidiary of Rosetta Partners Sdn Bhd. 

The filing was made a day after the announcement that MyEG Services and HeiTech Padu will be collaborating for information technology projects in Malaysia, including an RM190.01 million contract for the Road Transport Department’s MySikap system maintenance and technical support.  

Farhash previously said that his shareholding in HeiTech Padu through Rosetta Partners is part of an investment strategy between him and the Sultan of Kelantan, Sultan Muhammad V, to support Bumiputera companies.

The entrepreneur also said that he had “never been involved in any government administration or political activities”.

His statement came after HeiTech Padu revealed in a bourse filing on March 15 that Farhash was its largest shareholder, owning 16.1 million shares amounting to a 15.9% stake in the listed company. 

A few days prior, MyEG Capital Sdn Bhd, a subsidiary of e-government services provider MyEG Services Bhd, declared the purchase of 14.6 million shares, representing a 14.4% equity stake in HeiTech Padu, for RM31.2 million.

Yesterday, MyEG shares rose 1 sen to 78 sen after the announcement of its partnership with HeiTech Padu in the MySikap contract.

Farhash’s past political activities in PKR saw Transport Minister Anthony Loke dismissing speculation on alleged cronyism as the treasury had approved the award to HeiTech Padu on February 8, prior to Farhash holding stakes in the firm. 

The minister’s explanation came after certain quarters questioned the tender award, as Farhash was previously active in politics, having been Perak’s PKR chief in the past.

Loke also rubbished the possibility of Farhash knowing the decision before it was announced, reiterating that the businessman was not serving in the government.

HeiTech carries out a gamut of IT products and services while MyEG engages in the development and implementation of electronic government services projects and the provision of other related services. – April 18, 2024

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