KUALA LUMPUR: HeiTech Padu Bhd's share price jumped as much as 22.4 per cent in morning trade after MY E.G. Services Bhd said its unit had bought a 14.4 per cent interest in HeiTech for RM31 million.
At close of morning trade, HeiTech's share price was up 19.59 per cent or 48 sen to RM2.93 versus Friday's closing price of RM2.45, making it one of the top gainers in the market.
Its share price moved between its opening price of RM2.46 and RM3 in early trade.
In a filing with Bursa Malaysia Securities Bhd today, MyEG Services announced that it acquired a 14.4 per cent stake in HeiTech Padu for RM31.25 million as part of a strategic investment.
A business weekly, quoting sources, recently reported that HeiTech is believed to be on a shortlist for the National Integrated Immigration System (NIISe) project.
The NIISe project is up for grabs after the Home Affairs Ministry terminated a RM1.12 billion award to Iris Corp Bhd's unit Iris Information Technology Systems Sdn Bhd, to develop the new immigration system.
The acquisition of HeiTech was done via its unit MyEG Capital Sdn Bhd whereby 5.16 million shares were bought from the open market on March 7 for RM11 million. It added that 9.42 million shares were bought via direct business transactions for RM20.25 million.
MyEG Services' share price was up half a sen to 78 sen a share.