Wednesday 06 Dec 2023
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KUALA LUMPUR (March 6): Theta Edge Bhd said it has participated in the request for proposal (RFP) issued by the Minister of Finance Inc (MoF Inc) to acquire a 70% stake in Transit Acquirer Sdn Bhd (TASB).

Theta Edge, which is 30% owned by Lembaga Tabung Haji, however said it “has not entered into any definitive agreement” for the acquisition.

The company confirmed its participation in the RFP dated Jan 5, 2022 in its filing on Monday, “upon due inquiry with its board of directors, its substantial shareholders, and all such persons reasonably familiar with the matter”.

This follows a report by The Edge Weekly dated March 6, 2023, which reported that the ICT service provider is acquiring TASB, citing people privy to the matter.

TASB is a special purpose vehicle formed by MoF Inc in 2015 to undertake the integrated common payment system of all Klang Valley public transport systems that are operated by Prasarana Malaysia Bhd, the report said.

A winning bidder will have to fork out RM400 million to acquire the TASB stake, and another RM400 million as capex for the payment system, the Weekly said, citing a source who put in a bid for the tender.

“The company will make the necessary announcements as and when there is any material development on the matter,” Theta Edge said in its filing.

“As part of the company’s growth strategy, the Company is constantly evaluating proposals to grow its business, either organically or through project tendering and acquisition,” it said.

In February last year, Datuk Seri Anwar Ibrahim — now the prime minister and finance minister — reportedly questioned the government regarding the development of the integrated payment system where “hundreds of millions of ringgit” had been spent by TASB.

At the time, he also questioned the RM400 million valuation of TASB based on the tender document, the Weekly reported.

Shares of Theta Edge settled 2.5 sen or 3.68% up at 70.5 sen, giving it a market capitalisation of RM83.17 million.

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