Datuk Muhamad Adlan Berhan’s name has been the subject of market talk since an RFP was called for concession of the National Integrated Immigration System
KUALA LUMPUR – Prime Minister Tan Sri Muhyiddin Yassin’s son-in-law may be a key player in the RM1.2 billion National Integrated Immigration System (NIIS) concession as he has links to one of the project’s front-runners, security solutions provider S5 Holdings Inc.
Company filings show that Datuk Muhamad Adlan Berhan, married to Muhyiddin’s daughter, Nabilah, is a shareholder of Agathistwo Jia Sdn Bhd. He was a director of the company, too, but resigned on September 21, 2018, yet remains among its owners.
The other Agathistwo Jia directors are businessmen Lim Beng Guan and Choong Khoong Liang. Lim, also the founder of boutique financial house ZJ Advisory Sdn Bhd, is the sole director and shareholder of Avocat Sdn Bhd, which is among the shareholders of S5 with a 3.62% stake.
Other S5 owners are MyEG Services Bhd’s subsidiary MyEG Capital Sdn Bhd (10%), S7 Holdings Sdn Bhd (76.38%) and Merrington Assets Ltd (10%).
NIIS was mooted by Muhyiddin, then home minister, under the previous Pakatan Harapan (PH) government, after cancelling its predecessor Sistem Kawalan Imigresen Nasional (SKIN) due to inflated costs.
Estimates put NIIS at about RM1.2 billion, a 34% discount from SKIN’s RM3.5 billion, with Muhyiddin calling for a request for proposal (RFP) last year.
Prestariang Bhd, on the other hand, which was directly awarded the contract by the then Barisan Nasional government, is suing Putrajaya for compensation.
Ever since Muhyiddin called for an RFP, Adlan’s name has been the subject of market talk, especially with his involvement in S5.
While he doesn’t have a direct relationship with the company, based on the data above, there is some business relation with Lim and Avocat.
But NIIS is now hanging in the balance after the PH government collapsed and was replaced by Muhyiddin’s Perikatan Nasional.
This has led to some NIIS’ bidders expressing concerns, citing intense lobbying from certain participants – with some even pledging a portion of their annual revenue – and political pressure.
As for S5, it is now planning a reverse takeover of listed Ancom Logistics Bhd (ALB). In a July 16 bourse filing, ALB said it had entered into a heads of agreement with the respective vendors or S5’s shareholders.
Under the agreement, ALB will acquire S5 Holdings Inc from the vendors at a price to be agreed on by the parties in exchange of ALB shares based on 10 sen per share.
In return, ALB will issue new ordinary shares to the vendors, which would then undertake a mandatory general offer for the remaining shares of ALB upon completion of the proposed acquisition.
By : Emmanuel Samarathisa – THE VIBES