KUALA LUMPUR, Sept 30 — Mirzan Mahathir is no longer a shareholder of Souqa Fintech Sdn Bhd after selling his shares to the firm’s majority shareholder Asad Capital, a move that coincided with HeiTech Padu Bhd’s 30 per cent stake acquisition in Souqa Fintech Sdn Bhd.

Souqa Fintech is the owner of Islamic financial services provider PayHalal. Asad Capital said it bought all of Mirzan’s shares held through Crescent Capital Sdn Bhd, and that HeiTech Padu has signed an agreement to buy RM16.17 million worth of ordinary shares.

"In a recent development, Mirzan Mahathir departed as a shareholder from Souqa Fintech Sdn Bhd through share sales with Asad Capital, the majority shareholder of Souqa Fintech,” Asad Capital said in a statement issued today.

"This move coincides with HeiTech Padu Bhd’s acquisition of a 30 per cent stake in Souqa Fintech Sdn Bhd, a non-bank financial institution regulated by the central bank, for RM16.17 million.”

In a bourse filing last Friday, the technology services provider said its wholly-owned subsidiary, Synergy Grid Sdn Bhd, has signed a share subscription agreement to acquire 10.78 million new ordinary shares in Souqa Fintech Sdn Bhd at RM1.50 each.

Datuk Seri Mohd Hilmey Mohd Taib is HeiTech Padu’s largest shareholder through Padujade Corporation Sdn Bhd alongside other substantial shareholders, including MyEG Capital Sdn Bhd and Redtone Digital Bhd, which it said had contributed to HeiTech Padu’s recent successes.

Another notable shareholder in HeiTech Padu is Kelantan’s Sultan Muhammad V, who holds a 15.9 per cent stake through Rosetta Partners Sdn Bhd, the monarch’s private investment vehicle.

Asad Capital said market response to HeiTech Padu’s entrance has been favorable, with the company’s shares reaching a record high of RM3.82, translating to a market capitalization of RM425.35 million.

"The stock has seen a remarkable surge of over 334 per cent year-to-date, reflecting strong investor confidence in the company’s strategic moves,” the company said.