KUALA LUMPUR: Shares in Heitech Padu Bhd
have been suspended on Friday, pending a material announcement from the company related to a material contract.
The company announced in a stock exchange filing that Bursa Securities had approved its request for suspension from 9am to 5pm on Friday under sub-paragraph 3.1 (c) of Practice Note 2 on Requests for Suspension of the Main Market Listing Requirements of Bursa Securities.
While the reason for the suspension remains unknown, a financial weekly had cited a source in September that said HeiTech Padu could have made a comeback as the frontrunner to secure the RM1bil National Integrated Immigration System (NIISe) contract, after having been dropped from the shortlist in May.
The contract to undertake the project, which will integrate the border control system under various agencies of the Ministry of Home Affairs, was hotly contested, with Dagang Nexchange Bhd and Theta Edge Bhd initially said to be final two bidders in contention.
When talk over its potentially successful bid hit the market, the trading stock of HeiTech Padu embarked on a rally on Sept 13, 2024, rising nearly 90% in the one-month period to close at RM4.34 a share yesterday.
Compared to its share price of 88 sen at the start of the year, the share is now worth nearly five times as much.
