KUALA LUMPUR (March 19): Datuk Farhash Wafa Salvador, who recently emerged as a substantial shareholder in HeiTech Padu Bhd with a 15.91% stake, has clarified that he shared ownership of the shareholding in the company, held via private vehicle Rosetta Partners Sdn Bhd, with Kelantan's Sultan Muhammad V.

Farhash said Rosetta Partners is wholly-owned by Mfivesouthsea Sdn Bhd, which is in turn jointly-owned by the sultan and himself. A quick search with the Companies Commission of Malaysia confirmed that ownership of Mfivesouthsea is split equally between them.

"The ownership of these shares is also part of the investment strategy between Sultan Muhammad V and I to help Bumiputera companies.

"I would also like to clarify that I have never been involved with any part of government administration and political activities. My full focus at the moment is on business and corporate," he said in a statement on Tuesday after news of his emergence in Heitech Padu drew flak from the Opposition.

Farhash was formerly a political aide to Prime Minister Datuk Seri Anwar Ibrahim and PKR’s Perak chief. He resigned as PKR's Perak chief post in 2022.

He was appointed as executive chairman of Excel Force MSC Bhd in May last year and group executive chairman of Apex Equity Holdings Bhd in December 2022.

He emerged as a substantial shareholder in HeiTech Padu after Rosetta Partners bought 6.16 million shares on March 11 and 9.69 million shares on March 12, resulting in a 15.91% stake in the company.

This happened shortly after it was reported that HeiTech Padu was among the frontrunners to develop the government’s National Integrated Immigration System (NIISe), worth more than RM1 billion, which seeks to incorporate biometric technology at the electronic gates of the country’s immigration checkpoints.

NIISe is intended to replace MyIMMs, which Home Minister Datuk Seri Saifuddin Nasution Ismail reportedly said was outdated and no longer capable of meeting future immigration needs.

Nonetheless, HeiTech announced on March 11 that it had secured a contract extension worth RM13.11 million for the provision of maintenance services to the Malaysian Immigration System (MyIMMs).

Shares of Heitech Padu closed up three sen or 1.19% at RM2.56 on Tuesday, giving the group a market capitalisation of RM259.14 million. Year to date, the counter has jumped 187.64% from when it was trading at 89 sen at the start of the year.

Source: TheEdge - 20 Mar 2024