KUALA LUMPUR (April 18): Datuk Farhash Wafa Salvador, former political aide to Prime Minister Datuk Seri Anwar Ibrahim, has ceased to be a substantial shareholder of HeiTech Padu Bhd, just one month after acquiring a 15.9% stake via a private vehicle in the company.

In a bourse filing on Thursday, the technology services provider said that Farhash is no longer a substantial shareholder following the "cessation of his deemed interest by virtue of the change in shareholdings in Mfivesouthsea Sdn Bhd, the holding company of Rosetta Partners Sdn Bhd, pursuant to Section 8(4) of the Companies Act 2016."

The latest development comes after HeiTech Padu was awarded a contract worth RM190.01 million by the Ministry of Transport on April 15, inviting criticism that the group won the large contract due to Farhash's connection with Anwar.

However, Transport Minister Anthony Loke Siew Fook clarified on Wednesday that the contract's increased value to RM190.01 million was due to a job merger and that the tender for the project was concluded prior to Farhash emerging as a substantial shareholder of HeiTech Padu.

HeiTech Padu has been in the spotlight since Farhash emerged as its substantial shareholder on March 14, after Rosetta Partners, a private vehicle of Farhash, bought 16.1 million shares or a 15.9% stake in HeiTech Padu.

According to Farhash, the shares he holds in HeiTech Padu through Rosetta Partners are jointly owned with Sultan Muhammad V of Kelantan.

"The ownership of these shares is also part of the investment strategy between Sultan Muhammad V and me to support Bumiputera companies," Farhash said in a statement in March.

He also stressed that he has never been involved in any part of government administration and political activities and is now fully focused on business and corporate matters.

Farhash was formerly a political aide to Anwar and PKR’s Perak chief. He resigned as PKR's Perak chief in 2022.

Shares in HeiTech Padu settled seven sen or 2.95% lower at RM2.30 on Thursday, valuing the group at RM232.82 million. Year to date, the stock has rallied by 161.36%. 

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