It hit an intraday high of RM2.99 at 3.53pm, up 30% or 69 sen, valuing the information technology company at RM333 million. The counter has surged 236% year-to-date.

The buying may also have been spurred by a report in The Edge that HeiTech Padu has emerged as the frontrunner to secure the RM1 billion National Integrated Immigration System (NIISE) contract, quoting sources.

The latest three-year contract involves the development and supply of hardware and software for JPJ, and a revamp of the agency’s digital system, the company said in a bourse filing last Friday.

This is the second contract Heitech Padu has clinched from JPJ this year. In April, the company announced it had secured a three-year contract worth RM190.01 million from the department, starting May 1 to April 30, 2027.

The contract is for the maintenance and technical support for ICT infrastructure, including the MySikap system, which manages driver and vehicle information.

Both contracts are worth a total of RM323.7 million.

Rosetta Partners Sdn Bhd, the vehicle of the Sultan of Kelantan Sultan Muhammad V, is the largest shareholder with a 15.9% stake followed by MyEG Services Bhd at 15.89%. Its founder and deputy chairman Hilmey Taib has a 14.16% stake.

For the second quarter ended June 30, 2024, the group posted a net profit of RM449,000 from a net loss of RM4.53 million a year ago.

Quarterly revenue grew 13.07% to RM63.27 million from RM55.96 million on higher earnings across its technology, investment, and niche market groups.