Is HeiTech Padu's Hilmey being pushed , mugged or made an offer he could not refuse to hand over control of Hei Tech Padu to Anwar Ibrahim's Farhash Wafa Salvador Rizal Mubarak

 by Ganesh Sahathevan 

Hilmey was so pround that PNB agreed when he asked if he could be "given the opportuntiy to biy PNB IT via a MBO: 

Hilmey was riding the buoyant wave of success at PNB when he opted to leave his secure, high-profile job to lead a management buyout of a then obscure outfit called PNB Information Techno-logies (PNB IT), the IT arm of the PNB.

This unit was formed in 1990 to spearhead PNB's computerisation programme. With millions of small unitholders scattered around the country, PNB had to devise a way to make transactions easy for them.

The unit became a big success, growing into a company which computerised various government departments, from Pos Malaysia to the Immigration Department, the National Registration Department and Road Transport Department.

In line with the government's move to encourage more bumiputra technopreneurs, PNB decided to spin off the IT unit so as to ensure that PNB remained true to its core activity of unit trust fund management.

Hilmey offered to vacate his CEO post at PNB and head the management buyout (MBO) team.

PNB IT then was committed to computerising various government departments and Hilmey wants to "make sure the job gets done."

Using a shelf company Padujade Corporation Sdn Bhd, Hilmey and the management team, bought up a 65% stake in PNB IT, leaving PNB with the remaining 35%.

He declines to reveal the exact amount he paid for the MBO but admits that he holds a controlling share. The shareholding structure as at March 31, 2000 showed that Hilmey holds 48% of HeiTech Padu via Padujade, PNB holds 35%, the management team holds 16.18% and Perbadanan Usahawan Nasional Bhd (PUNB) holds 0.82%.

PUNB financed the MBO which Hilmey proudly claims was repaid within two years and on May 31, 1999, PNB IT was renamed HeiTech Padu Sdn Bhd. It has since be renamed HeiTech Padu Bhd and will issue its propectus today, for a listing on the KLSE possibily next month

(HeiTech Padu comes into its own.  By Mary Anne Tan. The Sun Daily
9 October 2000)

Given the above, it is not unreasonable to ask if Hilmey is being pushed if not mugged by Anwar Ibrahim's man Farhash Wafa Salvador Rizal Mubarak. who has taken control of the company, with financing from sources unknown. Hilmey's 17.89% stake in the company exceeds Farhash's 15.91%, but Hilmey does not have ANwar on his side. 

SEE STORY BELOW 

New substantial shareholder emerges in HeiTech Padu

FMT Reporters-14 Mar 2024, 10:52 PM


Technology services provider HeiTech Padu is reportedly among three companies shortlisted by the government to develop a RM1 billion immigration IT system.

Farhash Wafa Salvador Rizal Mubarak is also the chairman and director of companies such as 7-Eleven Malaysia Holdings Bhd and Apex Equity Holdings Bhd.

PETALING JAYA: Farhash Wafa Salvador Rizal Mubarak has emerged as a substantial shareholder of Heitech Padu Bhd after acquiring an indirect interest of 15.9% (16.1 million shares) in the technology services provider.

Farhash is the chairman and director of several companies, including 7-Eleven Malaysia Holdings Bhd and Apex Equity Holdings Bhd.


In a Bursa filing today, HeiTech Padu disclosed that Farhash had deemed interest in the company via a private vehicle, Rosetta Partners Sdn Bhd. The acquisition price was not disclosed.

On Monday, MyEG Services Bhd’s unit MyEG Capital Sdn Bhd announced that it had acquired 14.57 million shares, or a 14.4% equity interest, in HeiTech Padu for RM31.24 million.


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In a separate Bursa filing on the same day, HeiTech Padu announced it had secured a contract extension worth RM13.11 million for the provision of maintenance services to the Malaysian Immigration System (MyIMMs).

HeiTech Padu said the 12-month contract extension runs from Feb 18, 2024 to Feb 17, 2025.

HeiTech Padu first secured the contract in March 2021 on a three-year basis. It was worth RM33.92 million and was to end on Feb 17, 2024.

The extension comes amid the government’s selection process for the development of the national integrated immigration system (NIISe) to replace MyIMMs.

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The Edge recently reported that HeiTech Padu is among three companies shortlisted by the government to develop the NIISe project, which is understood to be worth over RM1 billion.

In May last year, home minister Saifuddin Nasution Ismail said the 20-year-old MyIMMs was outdated and no longer capable of meeting future immigration needs.

In a written parliamentary reply, he said NIISe, which is expected to be operational in August 2025, will enhance the quality of delivering immigration services.

NIISe seeks to incorporate biometric technology to enable the adoption of e-Gates at immigration checkpoints.