KUALA LUMPUR (Nov 21): Theta Edge Bhd (KL:THETA) said it has partnered local data-science company iStream360 Sdn Bhd to develop “market transformative” artificial intelligence (AI), blockchain and advanced system solutions.
The company’s wholly owned unit Theta Innovation Sdn Bhd inked a joint venture (JV) cum shareholder’s agreement with iStream360 for the collaboration, according to the telecommunications and technology company’s bourse filing on Thursday.
Theta Edge is to be the majority owner of the JV company, while iStream360 will own the remaining 49%.
“The board is of the opinion the JV will have material impact on the financial position of the company and recognises the potential for long-term growth and profitability from the JV company, subject to the successful execution of the business,” Theta Edge said.
Meanwhile, in a separate filing, Theta Edge also announced the cancellation of its memorandum of understanding with India-based power transmission giant KEC International Ltd in bidding for Tenaga Nasional Bhd (KL:TENAGA) grid projects.
Theta Edge was one of the bidders for the National Integrated Immigration System (NIISe) project, which was won by HeiTech Padu Bhd (KL:HTPADU) last month.
Shares in Theta Edge ended five sen or 3.16% lower at RM1.53, valuing the company at RM180.49 million.