Farhash dismisses crony capitalism jibe over HeiTech stake acquisition

Free Malaysia Today

HeiTech Padu Bhd is reported to be one of three companies shortlisted to develop a new RM1 billion immigration IT system.  Read More: https://www.freemalaysiatoday.com/category/nation/2024/03/18/farhash-dismisses-crony-capitalism-jibe-over-heitech-stake-acquisition/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #FarhashWafa #HeiTech #Bursa #MyIMMS

Transcript

00:00 Nonsense! Farhash Wafa Salvador Rizal Mubarak has dismissed allegations of crony capitalism

00:08 after he emerged as a substantial shareholder of high-tech Padu Berhad.

00:12 Farhash told Singapore's Straits Times that he acquired a 14.4% stake in the government

00:17 contractor as part of a strategy to invest in Bumiputra Tech companies.

00:22 He pointed out that he had also acquired a 4.97% stake in a high-tech competitor named

00:28 Theta Edge.

00:29 Farhash is the chairman and director of several companies, including 7-Eleven Malaysia Holdings

00:34 Berhad and Apex Equity Holdings Berhad.

00:37 In a Bursa Malaysia filing on Thursday, Hitech said Farhash acquired an interest in the company

00:42 through Rosetta partner Sindiran Berhad at an undisclosed price.

00:47 In a separate Bursa Malaysia filing, Hitech announced that it had secured a RM13.1 million

00:51 contract extension to provide maintenance services for the Malaysian immigration system.

00:57 Theta Edge had reported that Hitech was among three firms shortlisted to develop the National

01:01 Integrated Immigration System to replace MyIMMS.

01:05 This project is said to be worth over RM1 billion.

01:09 Danish Rajareza, FMT News.

01:11 [MUSIC PLAYING]

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