KUALA LUMPUR (Sept 5): Theta Edge Bhd and Nova MSC Bhd have partnered up to identify and procure future e-government solution projects in Malaysia.
According to filings from both companies, the pair inked a joint venture agreement (JV) on Tuesday to regulate the rights and relationship for a JV company (JVCo) to jointly provide e-government solutions and other information technology (IT) solutions, including system integration, outsourcing, consultancy, and infrastructure system services.
The JVCo is to be owned 60% Theta Edge and 40% by Nova MSC. Despite this, the pair underlined that Nova MSC is to be the leading partner in the JV as set out in the JVSA.
Both Theta and Nova MSC said that in the event the JVCo is awarded any projects, it is expected to contribute positively to each respective company’s earnings.
"Combining our technological expertise with Theta's vast experience in the ICT sector, we aim to redefine e-government and IT solutions in Malaysia," said Nova MSC’s executive director Nazerollnizam Kasim in a statement. "This partnership is a testament to our commitment to delivering unparalleled value to our clients and stakeholders.”
Echoing the sentiment, Theta Edge’s group chief executive officer Datuk Nuraslina Zainal Abidin, said: “This JV is an exciting amalgamation of two industry leaders aiming to elevate IT solutions in Malaysia. We are confident that our combined strengths will bring forward a new era of innovation, ensuring our clients benefit from the best of both worlds.”
Earlier, in January, the two companies had signed a memorandum of understanding to hold discussions for a potential partnership to jointly market and promote healthcare, public sector and applied artificial intelligence solutions and products in Malaysia and other Asean countries.
Shares in Theta Edge closed 1.5 sen or 2.38% lower at 61.5 sen, giving the company a market capitalisation of RM71.97 million. Meanwhile, Nova MSC shares ended unchanged at 10.5 sen, valuing the company at RM124.68 million.