KUALA LUMPUR (Nov 8): REDtone Digital Bhd (KL:REDTONE) said on Friday that it has ceased to be a substantial shareholder of HeiTech Padu Bhd (KL:HTPADU) after disposing of a 1.01% stake in the open market.
According to REDTone's bourse filing, the stake, comprising 1.12 million shares, was disposed of on Thursday. The sale price was not disclosed.
Following this sale, REDtone is left with 5.49 million shares or a 4.93% stake in HeiTech.
Tycoon Tan Sri Vincent Tan's Berjaya Group Bhd has a deemed interest in HeiTech Padu via REDtone.
REDtone had emerged as a substantial shareholder in HeiTech Padu via the purchase of a 6.38% stake, comprising 7.1 million shares, in the open market between June 27 and Aug 23 this year, for a total of RM15.35 million. The average price worked out to be RM2.16 per share.
HeiTech Padu’s share price hit a record high of RM4.40 on Oct 18, after announcing that the group had secured the RM892.2 million National Integrated Immigration System (NIISe) project. Subsequently, the stock retreated to close at RM3.35 on Friday.
Rosetta Partners Sdn Bhd, an investment vehicle owned by Sultan Muhammad V of Kelantan, is now HeiTech Padu’s largest shareholder with an 18.91% stake, followed by former group chief executive officer Datuk Sri Mohd Hilmey Mohd Taib, who owns a 17.82% stake, comprising a 3.76% direct stake and 14.07% indirect stake, through his private vehicle Padujade Corp Sdn Bhd.
MyEG Services Bhd’s (KL:MYEG) group managing director Wong Thean Soon, meanwhile, owns 17.71% of HeiTech Padu, including a 2.73% direct stake and 14.99% indirect stake, through MyEG Capital Sdn Bhd.
For the second quarter ended June 30, 2024, HeiTech Padu posted a net profit of RM449,000, reversing a net loss of RM4.53 million in the corresponding period last year.
Revenue grew 3% to RM63.27 million from RM55.96 million, supported by stronger contributions across the technology, investment and niche market segments.
As of June 30, 2024, the company’s net borrowings stood at RM109.93 million.
Shares in REDtone closed one sen or 1% lower at RM1 on Friday, giving the company a market capitalisation of RM782.45 million. Year-to-date, the stock has risen 42.9%.
HeiTech Padu, whose shares have risen 280% so for this year, has a market capitalisation of RM 373.01 million.