Currently, the company with the highest in public interest, HeiTech Padu has announced that its wholly owned subsidiary, Synergy Grid Sdn Bhd entered into a Share Subscription Agreement to subscribe 10,779,000 new ordinary shares in Souqa Fintech Sdn Bhd representing 30% equity interest for a total consideration of RM16.1 million or RM1.50 per share.

Upon the completion of the Proposed Share Subscription, SF will become a 30% owned associate company of HeiTech. The company is involved in online payment serving as a merchant acquirer, payment processor and payment gateway. Its payment solutions are operated under the brand name of PayHalal. PayHalal is a Shariah-compliant payment solutions and was developed to cater as an alternative to the available conventional payment solutions in the market.

It is licensed and regulated by Bank Negara Malaysia as a non-bank provider of merchant acquiring services. The present issued share capital of SF is RM23,649,751.20 Million, comprising of 25,151,000 ordinary shares

HeiTech said the acquisition was based on its transformation of business on top of its contracting activities by embarking in product development and solutions that fit within the mass market, transactional, and fintech related segments. It is part of the group's pivot strategy to go deeper into the digital realm while complimenting the traditional contracting business.

Online booking and payment services are ones of the area that HeiTech is actively building into through its internally developed products and solutions. SF's payment solutions of PayHalal, which caters and compliments for the specific demand of Islamic financial solutions would enable HeiTech to propel further in the fintech industry, especially within the Islamic-based ecommerce ecosystem, on top of its already existing conventional market fintech solutions.