KUALA LUMPUR – Businessman Farhash Wafa Salvador Rizal Mubarak has revealed that his shareholdings in government contractor HeiTech Padu Bhd also involves ownership by the Sultan of Kelantan.
In a brief statement, Farhash also said the shareholding in HeiTech Padu Bhd through Rosetta Partners Sdn Bhd is also part of an investment strategy between him and Sultan Muhammad V to support Bumiputera companies.
“For the record, Rosetta Partners Sdn Bhd is a wholly-owned subsidiary of Mfivesouthsea Sdn Bhd, which is jointly owned by myself and His Royal Highness Sultan Muhammad V, and not solely owned by me as claimed by some opposition members of Parliament,” Farhash said.
“I would also like to clarify that I have never been involved in any government administration or political activities. My full focus at the moment is on business and corporate matters.”
Farhash said he issued the statement in response to the Pasir Mas MP who in parliament yesterday made allusions to Farhash’s involvement with the companies involved with government contracts.
The Edge recently reported that HeiTech Padu was among three companies shortlisted by the government for the national integrated immigration system (NIISe), potentially worth over RM1 billion.
Yesterday, Farhash brushed off allegations of “crony capitalism” after he was revealed to be a significant shareholder.
According to reports, Farhash disclosed on March 13 that he and his business partner also acquired a 4.97% stake in Theta Edge, a competitor of HeiTech.
“If I were solely betting on HeiTech, why would I simultaneously invest in Theta Edge?” he asked, as quoted by Singapore’s Straits Times.
HeiTech Padu, in a Bursa filing on Thursday, revealed that Farhash had obtained a stake in the company through Rosetta Partners Sdn Bhd, though the exact acquisition price was not provided.
A few days prior, MyEG Capital Sdn Bhd, a subsidiary of MyEG Services Bhd, declared the purchase of 14.6 million shares, representing a 14.4% equity stake in HeiTech Padu, for RM31.2 million.
On the same day, HeiTech Padu also announced in a separate filing with Bursa the awarding of a contract extension valued at RM13.1 million for maintenance services to the MyIMMs.
This 12-month extension spans from February 18, 2024, to February 17, 2025.
Notably, HeiTech Padu had initially secured a three-year contract in March 2021, valued at RM33.9 million, with its original conclusion set for February 17, 2024. – March 19, 2024