Friday 14 Jun 2024
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KUALA LUMPUR (April 15): HeiTech Padu Bhd said it had bagged a RM190.01 million 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.

The three-year contract from May 2024 involves the provision of the services at JPJ offices throughout the country, said the technology services provider in a bourse filing on Monday.

While details of the job scope were not disclosed, the contract value is higher when compared to previous similar contracts awaded to the group by JPJ.

In 2021, HeiTech Padu was awarded such a contract worth RM36.25 million for a near 13-month period until Sept 30, 2022. The contract was subsequently extended in 2022 for four months for RM10.49 million, and again in 2023 for 12 months for RM27.29 million.

HeiTech Padu had won two other government contracts so far this year, including one worth RM58.89 million to provide next-generation network services for the Inland Revenue Board announced in January.

The group also won a contract extension worth RM13.11 million from the Immigration Department in March for maintenance services in relation to the Malaysian Immigration System (MyIMMs).

In addition, The Edge reported in February that HeiTech Padu was one of the three companies shortlisted to take on the RM1 billion National Integrated Immigration System (NIISe) project.

Year to date, shares in HeiTech Padu have more than doubled, gaining RM1.54 or 173%, despite being one of the worst-hit counters during the penny-stock selling wave in mid-January.

The group’s largest shareholder is former PKR Perak chief Datuk Farhash Wafa Salvador, who acquired a 15.91% stake last month via his vehicle Rosetta Partners Sdn Bhd. Farhash, who was formerly a political aide to Prime Minister Datuk Seri Anwar Ibrahim, has denied his involvement in any government administration.

Other substantial shareholders include MyEG Services Bhd with a 15.89% stake, and Padujade Corp Sdn Bhd with a 14.06% stake.

For the financial year ended Dec 31, 2023 (FY2023), the company reported a turnaround with a net profit of RM7.22 million, compared to a net loss of RM9.87 million for the previous year. Revenue declined 5.4% to RM277.86 million from RM293.85 million.

On Monday, HeiTech Padu shares climbed seven sen or 2.97% to close at RM2.43, with 3.35 million shares changing hands.

Edited ByS Kanagaraju
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