KUALA LUMPUR (Oct 18): Shares of Heitech Padu Bhd (KL:HTPADU) were suspended with effect from 9am to 5pm on Friday, pending an announcement relating to a material contract.

Late in September, it was reported that HeiTech Padu has emerged as the front runner to bag the RM1 billion National Integrated Immigration System (NIISe) contract.

The Edge reported that HeiTech Padu was initially dropped from the border management system integration project for the Ministry of Home Affairs, in favour of Dagang Nexchange Bhd (KL:DNEX) and Theta Edge Bhd (KL:THETA). However, HeiTech Padu is now reportedly back in contention with a strong chance of securing the contract.

In an unrelated matter on Oct 9, Souqa Fintech Sdn Bhd said it was mulling taking legal action against HeiTech Padu, following HeiTech’s decision to terminate a deal to subscribe to new shares in the fintech company.

HeiTech Padu’s unit Synergy Grid Sdn Bhd on Monday aborted a plan to acquire a block of shares, equivalent to a 30% stake, in Souqa Fintech that operates the payment gateway PayHalal for RM16.17 million. 

The proposal was announced by HeiTech’s board on Bursa Malaysia 10 days prior to that on Sept 27.

HeiTech's shares last closed unchanged at RM4.34, valuing the group at RM483.2 million. 

https://www.theedgemarkets.com/node/730664