KUALA LUMPUR (Feb 27): Theta Edge Bhd (KL:THETA) has secured a RM22.7 million contract from pilgrim fund Lembaga Tabung Haji (TH) to provide equipment leasing and managed services over a five-year period.
In a filing on Friday, the ICT solutions provider said its wholly-owned Theta Technologies Sdn Bhd accepted the Letter of Award on Feb 23, and that the contract will run from May 1, 2026 till April 30, 2031.
TH was a substantial shareholder of the company up till Jan 2, the group noted, when the pilgrim fund disposed of its entire 27.28% stake in Theta Edge via an off-market transaction. The stake, which made it Theta Edge's largest shareholder with 32.18 million shares, was sold at 90 sen apiece or RM28.96 million in total. The selling price was 23.3% higher than the stock's market price at the time.
The sale marked TH’s departure from a company it had been deeply intertwined with for decades.
The fund first emerged as a substantial shareholder in Theta Edge in the late 1990s, then known as Lityan Holdings Bhd. It was once a high-flying stock, trading at nearly RM40 per share during the boom years under then-substantial shareholder Rahmat Harun.
The company deteriorated in the mid-2000s, culminating in its fall into Practice Note 17 status in May 2005 owing to financial distress.
A major restructuring in 2009, which included the acquisition of THT Integrated Solutions Sdn Bhd from TH, a capital reconstruction, debt restructuring and a special share issue that raised RM31.5 million, paved the way for Lityan’s rebranding into Theta Edge.
Theta Edge’s new largest shareholder is Stealth Solutions Sdn Bhd, which purchased the entire block sold by TH. The telecommunications tower firm is 75%-owned by Datuk Amrul Hisyam Alias and 25% by Norul Azwani Mohd Hanafi.
Tan Sri Vincent Tan’s Berjaya Group remains a substantial shareholder through REDtone Digital Bhd (KL:REDTONE), which holds a 15.38% stake.
Shares of Theta Edge ended half a sen or 0.72% lower at 69 sen on Friday, with a market capitalisation of RM81.4 million.