KUALA LUMPUR (Oct 4): HeiTech Padu Bhd (KL:HTPADU) said on Friday that it is not aware of any corporate development that caused the unusual market activity (UMA) in its shares which spiked to a record high.
HeiTech Padu received the UMA query from Bursa Malaysia after its shares surged by as much as 56 sen, or 15.34%, to a record high of RM4.21. The stock pared some gains to close at RM4.10, still up by 45 sen or 12.33%, making it the second-highest gainer on the stock exchange in terms of value.
At this closing price, HeiTech Padu’s market capitalisation stands at RM406.4 million. Trading volume was 5.45 million shares, more than double its 200-day average volume of 2.06 million shares.
Year-to-date, the stock has risen over 360%.
An article in the Sept 16–22 issue of The Edge Malaysia weekly titled HeiTech Padu Back as Front Runner for NIISe? reported that the company had emerged as the front-runner to secure the RM1 billion National Integrated Immigration System (NIISe) contract.
HeiTech Padu is in the race for the NIISe project alongside Dagang NeXchange Bhd (KL:DNEX) and Theta Edge Bhd (KL:THETA).
HeiTech Padu is the incumbent operator of the NIISe project with its Malaysian Immigration System (MyIMMs), which was implemented in 1993.
This year, HeiTech Padu secured two contracts from the Road Transport Department of Malaysia (JPJ) totalling over RM323 million.
The first is a RM190 million contract to provide maintenance and support services for JPJ's driver and vehicle information system MySIKAP in April. In September, it bagged a RM133.73 million job for the development and supply of hardware and software for JPJ, and a revamp of the agency's digital system.
MyEG Services Bhd (KL:MYEG) is HeiTech Padu’s largest shareholder, holding a 14.99% stake, followed by Rosetta Partners Sdn Bhd with 14.46% and REDtone Digital Bhd (KL:REDTONE) with 6.38%.
Rosetta Partners is the vehicle of the Sultan of Kelantan, Sultan Muhammad V, and Padujade Corp is the flagship of HeiTech Padu founder and executive deputy chairman Datuk Seri Mohd Hilmey Mohd Taib.
MyEG is controlled by Wong Thean Soon, who has a 13.43% direct stake and a 14.78% indirect stake.
REDtone is 47.46%-owned by Berjaya Corp Bhd (KL:BJCORP) and 17.34%-owned by King of Malaysia Sultan Ibrahim Sultan Iskandar of Johor. REDtone also owns 7.12% in Theta Edge.
On the financial front, HeiTech Padu recorded a net profit of RM581,000 for the six months ended June 30, 2024 (6MFY2024), on revenue of RM124.9 million. In comparison, the company reported a net loss of RM7.8 million on revenue of RM127.5 million for 6MFY2023.