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Theta Edge says pursuing projects, mulls private placement, board changes as reasons for UMA

TheEdge Wed, Nov 01, 2017 03:31pm - 2 years ago

KUALA LUMPUR (Nov 1): Theta Edge Bhd, a subsidiary of Lembaga Tabung Haji, said today it has been actively pursuing projects in its ordinary course of business, which are still in discussion, evaluation and/or pending decision at this juncture.

The ICT service provider added that it has been considering a private placement exercise.

"There have been preliminary discussions with potential investors. However at this juncture, nothing has been confirmed or materialised," it said in a reply to Bursa Malaysia's unusual market activity (UMA) query.

Yesterday, the regulator had slapped loss-making Theta with an UMA query on the sharp rise in its stock price recently. The stock rose as much as 46.7% to hit its intra-day high of 67.5 sen in early trade yesterday, before closing 11 sen or 23.91% higher at 57 sen — its highest closing since May 21 this year.

"Theta will make the necessary announcement(s) in compliance with its obligations under the Main Market Listing Requirements if the project(s) are awarded to Theta," the company said.

Theta also said another possible explanation to account for the recent rise in its share price is the possible change in Theta's board of directors following the resignation of its chairman, Tan Sri Hashim Meon, which was announced to the exchange on Oct 31.

"An announcement pertaining to the appointment of the new chairman will be made in due course," it said.

The stock has been trading in a 52-week range of 25 sen to 68 sen. At 3pm, shares of Theta Edge were up 5.5 sen or 9.65% at 62.5 sen, with 4.01 million shares done, giving it a market capitalisation of RM66.49 million.


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