The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
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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