KUALA LUMPUR: HeiTech Padu Bhd's subsidiary Synergy Grid Sdn Bhd has signed a share subscription agreement (SSA) to buy 10.78 million new shares in Souqa Fintech Sdn Bhd (SF).
In a filing to Bursa Malaysia today, HeiTech said the shares were bought at RM1.50 each for RM16.17 million.
Souqa Fintech is an online payment platform, serving as the parent company of the Islamic payment gateway PayHalal.
Heitech said the acquisition would be funded from its internally generated funds and upon completion of the exercise, SF will become a 30 per cent owned associate company of HeiTech.
The group has been going in new area of business on top of its contracting activities by embarking in product development and solutions that fit within the mass market, transactional, and fintech related segments.
"This is part of HeiTech's pivot strategy to go deeper into the digital realm while complimenting the traditional contracting business.
"Online booking and payment services are ones of the area that HeiTech is actively building into through its internally developed products and solutions," it added.
HeiTech said SF's payment solutions of PayHalal, which caters and compliments for the specific demand of Islamic financial solutions would enable it to propel further in the fintech industry.
This is especially within the Islamic-based e-commerce ecosystem, on top of its already existing conventional market fintech solutions.