KUALA LUMPUR: HeiTech Padu Bhd has terminated its agreement to buy a 30 per cent stake in integrated online payment platform Souqa Fintech Sdn Bhd.
In its filing with Bursa Malaysia today, HeiTech Padu said its subsidiary Synergy Grid Sdn Bhd had issued a notice of rescission "under clause 3.3 of the SSA", rendering the agreement null and void with immediate effect.
"Accordingly, the SSA shall no longer be in force and effect with immediate effect," it said.
HeiTech Padu said the rescission of the SSA is not expected to have a material impact on its earnings, net assets, or those of its subsidiary for the financial year ending Dec 31, 2024.
The company did not provide details regarding clause 3.3 of the SSA.
On Sept 27, HeiTech Padu announced that Synergy Grid was acquiring a 30 per cent stake, equivalent to 10.78 million shares, in privately/held Souqa Fintech for RM16.17 million.
The acquisition would have allowed HeiTech Padu to expand further into the fintech industry, particularly within the Islamic-based e-commerce ecosystem, alongside its existing conventional fintech solutions.