On paper, the HeiTech Padu Zetrix AI link looked tight. Zetrix AI, controlled by Wong Thean Soon, once held 16.9% of HeiTech Padu and had a board representative.
Why Did the HeiTech Padu Zetrix AI Pact Lapse?
Zetrix AI‘s annual report lists it as a technology partner of the National Integrated Immigration System (NIISe). The two companies agreed in April 2024 to explore deploying blockchain into the project.
The agreement lapsed in April 2025. Workshops and government discussions produced no further progress, so both parties agreed not to extend it.
HeiTech Padu says there is no ongoing collaboration and no replacement partner is needed.
What Is the NIISe Project Worth and How Far Along Is It?
HeiTech Padu won NIISe in October 2024 for RM892.2 million. A year later, the project was upsized with additional works to RM1.05 billion, an increase of RM157.8 million.
The home ministry reported the project was 29.9% completed as at June 26 and behind schedule. HeiTech Padu says it remains generally on track, with some components delivered early.
- Close to 200 e-gates for pedestrians and motorcyclists installed, ahead of the original 2027-onwards timeline
- Pilot implementation under way at several sites, with rigorous testing at the Johor Bahru RTS station
- Phased rollout through 2027 and 2028 across small, medium and large entry points, including airports with MAHB
Who Holds the 16.9% Block in HeiTech Padu Now?
Companies linked to MY EG Capital Sdn Bhd, part of Zetrix AI, disposed of the stake last month through direct business transactions. No party has emerged as a substantial shareholder in relation to the disposal.
Datuk Seri Farhash Wafa Salvador emerged with 15.9% of HeiTech Padu in March 2024 via Rosetta Partners Sdn Bhd, in which the Sultan of Kelantan is also a substantial shareholder. He ceased to be a substantial shareholder a month later.
Farhash is also executive chairman of Excel Force MSC Bhd (EFORCE). Zetrix AI’s stake in EForce was significantly reduced, and new shareholders have since emerged there.
Is HeiTech Padu Linked to the Datasonic MyKad Dispute?
Datuk Abu Hanifah Noordin, a founder and major shareholder of Datasonic Group Bhd (DATASONIC), alleged that executive director Datuk N Sandraruben and another person tried to outsource key MyKad technology capabilities to HeiTech Padu. Sandraruben was also alleged to be an adviser to Datasonic, then known as NexG Bhd, earlier this year.
HeiTech Padu says it is not aware of any arrangement under which Sandraruben represents Farhash or Datuk Seri Aminul Islam Md Nor of Bestinet. It has no collaboration with Bestinet on NIISe or other projects.
Datasonic holds a six-year contract to supply MyKad and national identity documents worth RM732.7 million. HeiTech Padu was invited by Datasonic by email to join the MyKad RFP and submitted a proposal.
What Does the HeiTech Padu Zetrix AI Split Mean for Shareholders?
The RM1.05 billion NIISe contract is the figure to track, with rollout running through 2027 and 2028. Its value is also the reason the lapsed Zetrix AI tie-up matters less to delivery than to governance questions.
Worth monitoring are three items: the buyer of the 16.9% block, the NIISe completion rate against the 29.9% reported as at June 26, and any update on the Datasonic MyKad bid.
Key Takeaways
- HeiTech Padu and Zetrix AI’s blockchain pact for NIISe lapsed in April 2025 and was not extended.
- NIISe is valued at RM1.05 billion, up from RM892.2 million, and was reported 29.9% complete as at June 26.
- The 16.9% block linked to Zetrix AI was disposed of last month, but the buyer is undisclosed.
- Farhash Wafa Salvador held 15.9% of HeiTech Padu from March 2024 before ceasing to be a substantial shareholder a month later.
- Datasonic’s six-year MyKad contract is worth RM732.7 million, and HeiTech Padu submitted a proposal for the MyKad RFP.
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Disclaimer: This article is for general information only and does not constitute investment advice. Do your own research before making any decision on HeiTech Padu (HTPADU), Zetrix AI (ZETRIX) or any other Bursa Malaysia stock.
Frequently Asked Questions
Did HeiTech Padu and Zetrix AI end their NIISe collaboration?
Yes. The blockchain agreement signed in April 2024 lapsed in April 2025, and both parties agreed not to extend it. HeiTech Padu says it is delivering NIISe with its in-house team.
How much is the NIISe project worth for HeiTech Padu?
HeiTech Padu won NIISe in October 2024 for RM892.2 million. The contract was upsized to RM1.05 billion a year later.
Who bought Zetrix AI’s 16.9% stake in HeiTech Padu?
HeiTech Padu has not disclosed the buyer. The company says no party has emerged as a substantial shareholder in relation to the disposal.
Is HeiTech Padu involved in the Datasonic MyKad project?
HeiTech Padu was invited by Datasonic by email to join the MyKad RFP and submitted a proposal. Datasonic’s six-year MyKad contract is worth RM732.7 million.
How far along is the NIISe project?
The home ministry reported 29.9% completion as at June 26 and described the project as behind schedule. HeiTech Padu says the project remains generally on track.
Source: View Original Article — The content is based on the original publisher. Refer to the original content for accurate info. Contact us for any changes.
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