KUALA LUMPUR (March 19): Following flak from the Opposition, Datuk Farhash Wafa Salvador, who recently emerged as a substantial shareholder in HeiTech Padu Bhd with a 15.91% stake, has clarified that the shareholding in the company held through private vehicle Rosetta Partners Sdn Bhd is jointly-owned by the Sultan of Kelantan Sultan Muhammad V.

In a statement on Monday, Farhash explained that Rosetta Partners is wholly-owned by Mfivesouthsea Sdn Bhd, which in turn is jointly-owned by the Sultan and himself.

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

Prominently sited at the heart of Klang Valley’s southern growth corridor, 16 Sierra is a unique 535-acre integrated lifestyle township in Puchong South developed by IOI Properties Group Bhd (“IOIPG”), offering multi-generational homes and carefully crafted with everything in place for wholesome contemporary urban living.

"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.

Farhash was formerly a political aide to Prime Minister Datuk Seri Anwar Ibrahim and PKR’s Perak chief. 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.

Farhash’s emergence as a substantial shareholder comes shortly after it was reported that HeiTech Padu was among the front runners 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.

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

The NIISe is intended to replace MyIMMs,  which Home Minister Datuk Seri Saifuddin Nasution Ismail reportedly said was outdated and no longer capable of meeting future immigration needs.

Shares of Heitech Padu closed up three sen or 1.19% at RM2.56 on Tuesday, as its market capitalisation stood at RM259.14 million. Year to date, the counter has seen a 187.64% rise from 89 sen per share at the beginning of the year. 

https://www.theedgemarkets.com/node/705180