KUALA LUMPUR, Oct 8 — Souqa Fintech Sdn Bhd said today that the HeiTech Padu Bhd had aborted its 30 per cent stake acquisition in bad faith, following a shock U-turn less than two weeks after announcing the deal.
In a brief statement, the owner of Islamic financial services provider PayHalal, said that it reserves the right to seek legal remedies against HeiTech Padu.
“Souqa has received HeiTech Padu and synergy grids’s board resolution extracts and the share subscription agreement that was prepared by its executive director’s law firm was signed,” its chief executive Patrick Thevarajah said.
The company said it had already transferred 7.33 million units of shares to HeiTech Padu’s wholly-owned subsidiary Synergy Grid Sdn Bhd based on the share subscription agreement (SSA).
In a Bursa Malaysia filing last month, technology services provider HeiTech Padu said Synergy Grid signed a SSA to acquire 10.78 million new ordinary shares in Souqa Fintech at RM1.50 each.
However yesterday,HeiTech Padu said in a filing that it had issued a notice of revocation “under clause 3.3 of the SSA”, making the deal null and void with immediate effect.
It however did provide any details over the clause.
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.
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.
