REDtone now fourth-largest shareholder in Theta Edge after raising stake to 7.12%

Friday 06 Sep 2024

KUALA LUMPUR (July 12): REDtone Digital Bhd (KL:REDTONE) has acquired a total of 8.4 million shares, representing a 7.12% stake in Theta Edge Bhd (KL:THETA), from the open market for about RM13.93 million cash.

This makes REDtone the fourth-largest shareholder in Theta Edge, after Lembaga Tabung Haji which holds a 27.28% stake, Threadstone Capital Sdn Bhd (13.56% stake) and Inter Pacific (9.4%).

Prior to this, REDtone acquired 600,000 shares in Theta Edge on July 10, emerging as a substantial shareholder of the group and increasing its total shareholdings to 6.4 million shares, or a 5.43% stake in the company.

REDtone, an integrated telecommunications and digital infrastructure service provider, said in a bourse filing on Friday that these acquisitions were funded using internal funds from the group and its subsidiaries. The acquisitions do not impose any liabilities on the group, it said, which is 47.46% controlled by Berjaya Corp Bhd (KL:BJCORP).

On Tuesday, Theta Edge said its wholly-owned unit Theta Telecoms Sdn Bhd had on July 2 received an offer letter from the Ampang Jaya Municipal Council for the development, provision and maintenance of Internet of Things for its smart business initiative in Ampang Jaya.

On Tuesday, Theta Edge announced the value of the project was estimated at RM673.8 million for a period of 20 years.

It subsequently referred to the RM673.8 million as operating expenditure, but a day later said it was investment cost in a press release.

In its latest filing on Friday, Theta Edge clarified itself once more and stated that the sum referred to operating expenditure.

Until now, it has not disclosed the value of the project.

At Friday’s closing bell, shares of Theta Edge were 10 sen or 5.62% higher at RM1.88, giving it a market capitalisation of RM221.78 million.

Edited ByEsther Lee

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