Theta Edge Bhd, a member of Lembaga Tabung Haji, has bagged a contract worth RM673.8 million for a 20-year concession to provide Internet of Things (IoT) solutions to the Ampang Jaya Municipal Council (MPAJ).

In an exchange filing today, Theta Edge said its wholly-owned subsidiary Theta Telecoms Sdn Bhd had received an offer letter from MPAJ on July 2 for a project on development, provision and maintenance of technology and the IoT for smart business initiatives within the Ampang Jaya administrative area.

It said the concession period runs from July 15, July to July 14, 2044.

The company said Theta Telecoms has accepted the offer via a letter of acceptance on July 9.

Pending the execution of definitive agreements, (which shall be based on terms and conditions to be mutually agreed between parties) between MPAJ and Theta Telecoms, the terms and conditions set out in the agreement will continue to bind parties, the statement added.

The contract will see the company grow in digital telecommunication engineering services, specialised communication network and smart city industry, the company said.

As at April 17, 2024, Lembaga Tabung Haji was the largest shareholder of the company, with a 27.28% stake or 32.18 million shares. The second largest shareholder was Threadstone Capital Sdn Bhd, a company controlled by Zainal ‘Abidin Abd Jalil and Haslinah Hassan

The company’s management is led by Datuk Nuraslina Zainal Abidin as its group CEO.

Theta Edge ended today’s trading down 4 sen to RM1.74 (52-week high/low: RM2.02/58 sen), valuing the company at RM105 million. The counter hit RM1.98 on July 4, its highest since October 2021. –TMR