Quick take: HeiTech Padu up 6% on immigration contract hopes

  • Business
  • Tuesday, 11 Jun 2019

KUALA LUMPUR: Shares in Heitech Padu Bhd rose over 6.7% in early trade Tuesday after it was reported that three listed companies are among the front-runners to bid for the multi-billion-ringgit Sistem Kawalan Imigresen Nasional (SKIN) project.

HeiTech Padu, one of the top gainers on Bursa Malaysia, rose 6.74%, or six sen to 95 sen with 1.21 million shares traded. Year-to-date, the counter has gained more than 120%.

StarBiz reported that out of some 60 companies that purchased the tender documents for SKIN project, the companies expected to be at the forefront are HeiTech Padu, IRIS CORP and Scicom (MSC) Bhd.

The request for proposal (RFP) for a new immigration and border control system is aimed at replacing the now-defunct RM3.5bil SKIN project approved by the previous Barisan Nasional administration.

SKIN was meant to replace the existing Malaysian Immigration System (MyIMMS) built in the 1990s, which is said to be a patchwork of different systems, which, in turn, has led to oft-reported instances of border control compromise and the inability of the government to carry out crucial threat assessments.

MyIMMS is currently being maintained by HeiTech Padu - an information technology services provider controlled by Permodalan Nasional Bhd.

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