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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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HeiTech Padu Acquires 30% Stake in Mirzan Mahathir-Linked Souqa Fintech for RM16.17 Million

HeiTech Padu Bhd is acquiring a 30% stake in Souqa Fintech Sdn Bhd, a company linked to Mirzan Mahathir, for RM16.17 million. HeiTech Padu’s subsidiary, Synergy Grid Sdn Bhd, signed a share subscription agreement to purchase 10.78 million new shares in Souqa Fintech at RM1.50 per share.


Souqa Fintech operates the Islamic payment gateway PayHalal, catering to the growing demand for Islamic financial solutions. This acquisition aligns with HeiTech Padu’s strategy to expand into the Islamic-based e-commerce ecosystem alongside its conventional fintech services.

The deal will be funded with RM11 million in cash, while the remaining RM5.17 million will be covered via invoiced services provided by HeiTech Padu to Souqa Fintech.

Souqa Fintech is primarily owned by Asad Capital Sdn Bhd (58.29%), with Crescent Capital Sdn Bhd, led by Mirzan Mahathir, holding a 16.7% stake. Mirzan is the eldest son of former Prime Minister Tun Mahathir Mohamad.

HeiTech Padu’s stock has surged over 334% year-to-date, closing at a record high of RM3.82 on Friday, with a market capitalization of RM425.35 million. The company is also reportedly the front-runner for the RM1 billion National Integrated Immigration System (NIISe) contract.

Key shareholders in HeiTech Padu include Datuk Seri Mohd Hilmey Mohd Taib, Kelantan's Sultan Muhammad V, MyEG Services Bhd, and Redtone Digital Bhd.

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