CEO Morning Brief

MyEG, HeiTech Padu Form Partnership to Collaborate on IT Projects

edgeinvest
Publish date: Wed, 17 Apr 2024, 09:02 AM
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TheEdge CEO Morning Brief
HeiTech Padu Bhd is reportedly one of the three companies shortlisted to take on the RM1 billion National Integrated Immigration System (NIISe) project after Iris Corp Bhd was dropped from the job.

KUALA LUMPUR (April 16): E-government services providers MyEG Services Bhd and HeiTech Padu Bhd have formed a partnership to collaborate on IT projects in Malaysia.

According to separate bourse filings from both companies on Tuesday, MyEG and HeiTech Padu have inked a teaming agreement for the collaboration.

“The purpose of the agreement is to set forth the understanding of the parties with respect to their respective roles and responsibilities wherein the parties wish to collaborate in the marketing activities, sharing of related know-how and system integration of IT solution for identified projects to potential customers of the parties,” the filings read.

MyEG is a substantial shareholder in HeiTech Padu with a 15.9% stake via MyEG Capital Sdn Bhd.

Via this same stake, MyEG co-founder and managing director Wong Thean Soon (better known as TS Wong), who owns a 28.9% equity interest in MyEG comprising both his direct interest and via his investment vehicle Asia Internet Holdings Sdn Bhd, is deemed a substantial shareholder in HeiTech Padu.

Meanwhile, MyEG non-independent non-executive director Datuk Mohd Jimmy Wong Abdullah, who owns a 0.09% stake in the company, is also a non-independent non-executive director of HeiTech Padu.

MyEG noted that Mohd Jimmy and TS Wong will continue to abstain from all deliberation and voting at relevant company board meetings, while HeiTech Padu noted the same for Mohd Jimmy in its relevant board meetings.

Notably, HeiTech Padu is reportedly one of the three companies shortlisted to take on the RM1 billion National Integrated Immigration System (NIISe) project after Iris Corp Bhd was dropped from the job.

Previously, The Edge reported that MyEG’s interest in HeiTech Padu goes beyond just the NIISe project.

“Although both companies are involved in the provision of services to the government, there is no overlap, as each company is focused on completely different aspects of e-services.

“Both companies will work together to explore opportunities to participate in projects that are in line with our competencies and objectives, and this will not be limited to the NIISe project,” a MyEG spokesperson told The Edge.

At the time of writing, shares in MyEG were down half a sen or 0.64% to 77.5 sen, valuing the company at RM5.82 billion.

Meanwhile, HeiTech Padu shares were trading one sen or 0.41% lower at RM2.42, giving the company a market capitalisation of RM244.96 million.

Source: TheEdge - 17 Apr 2024

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