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Call for support: Farhash's involvement in HeiTech Padu boosts Bumiputera equity, says NGO | Scoop
Perdasama president Mohd Azamanizam Baharon (pic) stresses the importance of supporting Bumiputera individuals like Farhash Wafa Salvador Rizal Mubarak in increasing equity ownership, particularly considering Bumiputera equity remains below the 30% target. – Scoop pic, March 19, 2024
News

Call for support: Farhash’s involvement in HeiTech Padu boosts Bumiputera equity, says NGO

Perdasama president stresses that efforts to enhance Bumiputera economic control should not be excessively politicised

Scoop Reporters
Updated
10:35 PM MYT

 

KUALA LUMPUR – Businessman Farhash Wafa Salvador Rizal Mubarak’s involvement in government contractor HeiTech Padu Bhd is a step towards increasing Bumiputera equity in the local technology sector, according to the Malay Businessmen and Industrialists Association of Malaysia (Perdasama).

Perdasama president Mohd Azamanizam Baharon urges all parties to approach discussions on increasing and regulating Bumiputera economic participation with maturity.

He emphasised that efforts to enhance Bumiputera economic control should not be excessively politicised.

“We must not deny someone’s rights, especially when discussing our own race. We shouldn’t impede the success of progressive Malays in business, acquisitions, investments, and share purchases if they possess the capability and merit,” said Azamanizam.

He stressed that if there are integrity issues or breaches of trust concerning share purchases, dissatisfied parties can present evidence and lodge complaints with the authorities for investigation.

“It is unfair to make accusations and heavy justifications based solely on political understandings. Considering the individual mentioned, Farhash Wafa Salvador Rizal Mubarak, who is no longer active in politics and currently holds no administrative position, it is unjust to deny someone’s rights, especially if their intention is to increase Bumiputera equity or ownership in Bumiputera-owned companies,” Azamanizam said.

“Where is our spirit and support as Malays to further the advancement of our own people?”

He stressed that this support should be extended, especially considering that Bumiputera equity ownership is still far below the 30% target. As a Bumiputera economic NGO, Perdasama pledges to support any party or individual, regardless of political beliefs or background, to create wealth through proper ownership and control of companies.

“The spirit of the Bumiputera Economic Policy of 1965 and the KEB 2024 resolution, which places Bumiputera economic control at the highest level, will be the focus and struggle of Perdasama without rhetoric and narrow thinking. Every Malay dedicated to business should be supported for the advancement of Malays, especially in the high-tech sector,” he said.

Azamanizam also hopes that Farhash’s involvement in Heitech Padu Bhd will contribute to increasing Bumiputera participation in local technology, aligning with the government’s aspirations to foster 100 local technology companies with an annual income of RM1 billion by 2030.

He said Perdasama supports and urges all Bumiputera entrepreneurs to participate in and respond to the government’s commitment to support local companies in research, development and innovation, with a special focus on assisting small and medium enterprises nationwide.

The target is to develop joint clusters for the aerospace industry and global partnership services, he said.

Earlier today, Farhash revealed that his shareholding in government contractor HeiTech also involved ownership by the Sultan of Kelantan.

Farhash clarified that the shareholding in HeiTech Padu Bhd through Rosetta Partners Sdn Bhd is part of an investment strategy between him and Sultan Muhammad V to support Bumiputera companies.

HeiTech Padu was recently among three companies shortlisted by the government for the national integrated immigration system, potentially worth over RM1 billion.

Yesterday, Farhash dismissed allegations of “crony capitalism” after it was revealed he was a significant shareholder.

According to reports, Farhash disclosed on March 13 that he and his business partner also acquired a 4.97% stake in Theta Edge, a competitor of HeiTech.

HeiTech Padu, in a Bursa filing on Thursday, revealed that Farhash had obtained a stake in the company through Rosetta Partners Sdn Bhd, although the exact acquisition price was not provided.

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

On the same day, HeiTech Padu also announced in a separate filing with Bursa the awarding of a contract extension valued at RM13.1 million for maintenance services to the MyIMMs.

This 12-month extension spans from February 18, 2024, to February 17, 2025.

Notably, HeiTech Padu had initially secured a three-year contract in March 2021, valued at RM33.9 million, with its original conclusion set for February 17, 2024. – March 19, 2024

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