KUALA LUMPUR: Mirzan Mahathir has exited online payment platform Souqa Fintech Sdn Bhd, after HeiTech Padu Bhd's (HeiTech) subsidiary emerged as a substantial shareholder in the platform.
Last Friday, Heitech Padu announced that it had taken a 30 per cent interest in non-bank financial institution Souqa Fintech for RM16.17 million.
In a statement to media Souqa Fintech said, majority shareholder Asad Capital purchased 4.19 million shares, or a 16.67 per cent interest in Souqa Fintech, previously held by Crescent Capital Sdn Bhd.
Crescent Capital is controlled by Mirzan Mahathir.
Prior to the acquisition, Asad Capital had a 58.29 per cent interest in Souqa Fintech.
Remaining shareholders are HeiTech Padu and Souqa Fintech chief executive officer Patrick Thevarajah.
The statement said the move solidifies and reinforces Asad Capital's commitment to the growth and development of Souqa Fintech in the fintech market especially following the announcement by HeiTech to acquire 10.78 million new ordinary shares.
"Crescent Capital's decision to depart from Souqa Fintech reflects a mutual agreement between the parties, aligning with its broader business strategies," it added.
Its CEO, Patrick Thevarajah told Business Times that Mirzan left to focus on other business ventures.
The sale was done at 1pm today.
He said the exit is being formalised with the Companies Commission of Malaysia (SSM).
When asked why HeiTech decided to invest in the platform, Patrick explained that Souqa Fintech as a NBI regulated by Bank Negara Malaysia (BNM) provides the PayHalal merchant payment gateway.
He added that HeiTech is shifting its focus towards cloud services and fintech.
HeiTech Padu's share price has gone up more than 60 per cent in the last two weeks after a financial weekly reported that it was the front-runner for the multi-billion National Integrated Immigration System (NIISe) contract.
It was trading at RM3.65 share, giving it a market capitalisation of RM233.80 million.