KUALA LUMPUR (April 12): E-government service provider Theta Edge Bhd’s share price hit limit-up on Friday and closed at its highest in nearly 30 months, making it one of the top gainers of the day across Bursa Malaysia.
The counter, which has been enjoying a good run since February even without announcing any new contract wins, saw its share price climb as much as 29.6% or 39 sen to close at RM1.71, a level last breached on Oct 13, 2021. The counter saw 17.37 million shares exchange hands on Friday.
Year-to-date, Theta Edge’s share price has gained 149.6% or RM1.03. At its current price, the group is valued at RM201.7 million.
Theta Edge’s largest shareholder is Lembaga Tabung Haji with a 27.28% stake, followed by Threadstone Capital Sdn Bhd with 13.56%. Threadstone Capital is owned by Zainal Abidin Jalil, a former substantial shareholder of Dagang Nexchange Bhd (DNeX).
It has been reported that Theta Edge is eyeing several large-scale government projects but has yet to announce any successes.
The company earlier proposed an autonomous rapid transit (ART) system in Johor Bahru, in collaboration with SIPP Rail Sdn Bhd, Mobilus Sdn Bhd and Lion Pacific. A 24-member delegation from the Johor state government, led by the state’s Public Works, Transport, Infrastructure and Communications exco Mohamad Fazli Mohamad Salleh, went to Kuching in February for a test ride on the ART prototype vehicle.
Theta Edge, meanwhile, is understood to have been shortlisted for the National Immigration Information System or NIISe project, alongside DNeX and HeiTech Padu Bhd, The Edge reported last month.
The contract involves data integration from 13 modules of the existing border control system. Of the three shortlisted companies, Theta Edge is the smallest in terms of market capitalisation. DNeX is a RM1.31 billion company and HeiTech Padu is valued at RM238.9 million.
Theta Edge’s chief executive officer Datuk Nuraslina Zainal Abidin, meanwhile, told The Edge separately that the company is looking for suitable consortium partners to bid for a RM3.46 billion multi-lane free-flow toll system for toll roads.
The group is also participating in Prasarana Malaysia Bhd’s tender for an integrated common payment system in its public transport systems in Klang Valley, she was reported as saying in an article published early this month.
Questions remain whether Theta Edge has the required technical capacity and financial resources to undertake these public projects.
For its financial year ended Dec 31, 2023, Theta Edge reported a net profit of RM9.58 million, up 26% from RM7.61 million a year earlier, as revenue rose 53% to RM144.05 million from RM94.3 million, partly due to the recognition of revenue from leasing laptops to the Ministry of Education.
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