This article first appeared in The Edge Malaysia Weekly on September 21, 2026 - September 27, 2026
Two Fridays ago, MyEG Capital Sdn Bhd, a subsidiary of Zetrix AI Bhd, disposed of its 16.9% stake in Heitech Padu Bhd (KL:HTPADU).
Zetrix AI was the second-largest shareholder of the company, which had been awarded the contract for the RM1.05 billion National Integrated Immigration System (NIISe) in October last year. Apart from being a shareholder, Zetrix AI is also the technology partner of Heitech Padu for the NIISe project.
The NIISe project is crucial for the Immigration Department because it is supposed to integrate the backroom systems to ensure complete coordination at all entry and exit points in the country.
When the NIISe infrastructure goes live in 2028, it is supposed to take over even the functions of the Foreign Workers Centralised Management System, which is currently the primary platform managing the entry and exit of unskilled foreign labour.
The exit of Zetrix AI raises several questions: Is the company still the technology partner of Heitech Padu for the NIISe project? And if it no longer plays a role, can Heitech Padu roll out the NIISe infrastructure on time and within budget? Also, who is the new shareholder or shareholders who have bought the stake from Zetrix AI?
There is a lot of uncertainty surrounding Zetrix AI because the shares of its major shareholder, Wong Thean Soon, who is better known as TS Wong, continue to come under selling pressure. His total equity interest in Zetrix AI is now less than 13% from about 30% before the start of a selldown two weeks ago.
The largest shareholder of Heitech Padu is Rosetta Partners Sdn Bhd, a private vehicle controlled by the Sultan of Kelantan. The other notable shareholder of the company is Datuk Seri Hilmey Mohd Taib, with a 10.5% stake.
Considering that Heitech Padu has been given the mandate to implement the crucial NIISe project, which involves national security, the shareholding of the company should be made clear. There cannot be any room for a hazy shareholding structure.
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