Latest news with #NIISe
New Straits Times
09-05-2025
- Business
- New Straits Times
HeiTech Padu and Austrian partner's Sungai Perak hydroelectric contract worth RM2.5bil
KUALA LUMPUR: HeiTech Padu Bhd says the value of its engineering, procurement, construction and commissioning (EPCC) contract related to the Sungai Perak hydroelectric project is RM2.5 billion. HeiTech Padu, which formed a consortium with Austria's Hydro GmbH & Co KG (Voith Hydro) for the contract, said its portion is RM903 million. Voith Hydro will receive around RM134.0 million and €291.4 million (RM1.4 billion), HeiTech said in a Bursa Malaysia filing today. HeiTech earlier in February said it had received a letter of acceptance from TNB Power Generation Sdn Bhd for the hydroelectric facility project worth RM1.04 billion. The contract involves electrical, mechanical and civil works at three hydroelectric stations, SJ Temengor, SJ Bersia and SJ Kenering. The contract began on March 31, 2025 and will run for up to 99 months, ending on June 30, 2033. "The board envisages that the business of development, ownership, operation and maintenance of renewable energy power plants as well as related EPCC services in relation to energy solutions will become a major contributor to the group's earnings going forward. "The hydroelectric EPCC project is expected to be the primary revenue driver," it said. In a separate announcement, HeiTech said it is raising RM43.7 million through a private placement of new shares. The company said the proceeds will be used to fund the National Integrated Immigration System (NIISe) project and for working capital. The fundraising will be carried out after a bonus issue of 27.84 million new shares, on the basis of one bonus share for every four existing shares held. Following the bonus issue, the company's total share capital will increase from 111.35 million to 139.18 million shares. "The company is allocating RM35 million of the gross proceeds to be raised from the proposed private placement to fund the NIISe project, particularly in the initial stages of design and planning as well as infrastructure and hardware procurement." About RM7.3 million will be utilised to finance its day-to-day operations which includes staff costs and other overhead costs such as, among others, rental of office and leased lines, it added.
The Star
09-05-2025
- Business
- The Star
HeiTech Padu plans RM43.7mil fundraising for NIISe project
KUALA LUMPUR: Heitech Padu Bhd plans to raise up to RM43.7mil through a private placement of new shares, mainly to fund the National Integrated Immigration System (NIISe) project and for working capital needs. In a filing with Bursa Malaysia today, the tech company said the fundraising will follow a 1-for-4 bonus issue involving 27.84 million new shares, which will increase its share capital from 111.35 million to 139.18 million shares. 'The proposed private placement will entail the issuance of up to 27.8 million new shares, representing up to 20% of the enlarged total number of issued shares after the completion of the proposed bonus Issue,' it said. RM35mil of the proceeds will be allocated to fund the project cost for the NIISe project, 'particularly in the initial stages of design and planning as well as infrastructure and hardware procurement', while about RM7.3mil will be used for working capital and RM1.4mil for expenses. The NIISe project, valued at RM892.2mil, began on Oct 18, 2024 and covers a period of 60 months until Oct 17, 2029. It aims to replace the Malaysian immigration system with a 'more modern and centralised platform' covering visa applications, border control and foreign worker administration, HeiTech Padu said. It added the placement shares are expected to be priced at a discount to the underlying share. This latest fundraising plan follows a previous private placement in July 2024 that raised RM18.9mil, mainly for working capital, and has since been fully utilised. Separately, HeiTech Padu is proposing to diversify into renewable energy (RE), citing earnings potential from a recently secured RM2.5bil hydroelectric EPCC contract from TNB Power Generation Sdn Bhd (TNB Genco), in partnership with Voith Hydro GmbH & Co KG. HeiTech Padu's portion of the contract is valued at RM903mil, with works commencing March 31, 2025 and running up to 99 months until 30 June 2033. 'Pursuant to the above, the board envisages that the business of development, ownership, operation and maintenance of RE power plants as well as related engineering, procurement, construction and commissioning (EPCC) services in relation to energy solutions will become a major contributor to the group's earnings going forward,' it said. The company has been involved in the renewable space since acquiring Duta Technic Sdn Bhd in 2015 and later setting up HeiTech Eco Energy Sdn Bhd in 2018. It noted the diversification aims to reduce its reliance on ICT contracts, which have been impacted by low public sector spending and rising competition. 'To mitigate these risks and ensure long-term sustainability, the group intends to undertake the proposed diversification to diversify its existing business for additional revenue and income stream.' Shareholders' approval for the diversification will be sought at an upcoming extraordinary general meeting.
