KUALA LUMPUR (March 11): MyEG Services Bhd has acquired a 14.4% stake in HeiTech Padu Bhd for RM31.25 million as part of a strategic investment.

In a bourse filing on Monday, the e-services provider said it acquired the stake of 14.57 million shares via its unit MyEG Capital Sdn Bhd through the open market and direct business transactions.

The company said it bought 5.16 million shares from the open market on March 7 for RM11 million cash or RM2.134 sen per HeiTech share.

It also acquired 9.42 million shares via direct business transactions for RM20.25 million or RM2.15 per share on average.

On the rationale for the acquisition, MyEG said the investment will allow the company to explore potential collaborations with HeiTech to create synergies by leveraging the respective expertise and experience of both parties as established e-government service providers.

At the time of writing on Monday, shares in MyEG had gained 0.65% or half a sen to 78 sen, with 3.99 million shares traded, giving the company a market value of RM5.86 billion.

HeiTech, meanwhile, rose 41 sen or 16.73% to RM2.86, giving it a market capitalisation of RM289.50 million.

For the financial year ended Dec 31, 2023, HeiTech posted net profit RM7.22 million versus net loss RM9.87 million a year earlier on the back of revenue of RM277.86 million against RM293.85 million a year ago.