Farhash ceases to be HeiTech Padu’s substantial shareholder

Datuk Farhash Wafa Salvador

PETALING JAYA: Datuk Farhash Wafa Salvador has ceased to be a substantial shareholder of Heitech Padu Bhd.

In a filing with Bursa Malaysia, the technology services provider said this followed 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.

On March 14, Farhash had acquired a 15.9% stake or 16.1 million shares in HeiTech and emerged as the company’s substantial shareholder.

Earlier this week, HeiTech announced that it secured a RM190.01mil contract to provide maintenance and technical support services for the Road Transport Department's (JPJ) information and communications technology infrastructure and MySIKAP (driver and vehicle information) system.

This development brought about criticism and speculation that the contract was awarded to HeiTech due to Farhash’s shareholding and connection with Prime Minister Datuk Seri Anwar Ibrahim, as he was formerly a political aide to Anwar.

These speculations were dismissed and Transport Minister Anthony Loke Siew Fook said the contract was awarded to HeiTech via an open tender and the company won the contract because it offered a reasonable price of RM185.07mil and passed all evaluation stages.

It was also reported that the estimated ceiling price for the project is RM207.31mil. The other bidding companies offered prices of RM186.88mil and RM199.51mil respectively.

Farhash is also the chairman and director of several companies, including 7-Eleven Malaysia Holdings Bhd and Apex Equity Holdings Bhd.

HeiTech last traded at RM2.30 a share with a market capitalisation of RM232.82mil.