Theta Edge Bhd (-ve)

SHARES in Theta Edge Bhd (fundamental: 1.85/3, valuation: 0.3/3), which triggered our proprietary momentum algorithm yesterday for the sixth time this year, closed three sen or 5.26% higher at 60 sen. The stock saw some 4.67 million shares exchanged, compared with its 200-day average trading volume of 406,982 shares. The counter jumped as much as 46.7% to 67.5 sen on Tuesday, before paring gains to close at 57 sen.

Theta chairman Tan Sri Hashim Meon resigned from his position on Tuesday, the same day the company was slapped with an unusual market activity (UMA) query by Bursa Malaysia following the sharp rise in its share price. In response to the UMA query, Theta Edge revealed that it was considering a private placement exercise with preliminary discussions with potential investors already conducted. It was also pursuing some projects.

However, the ICT service provider explained that no decisions on the matter have been confirmed at this juncture, and that the same goes for the projects, which are still in discussions.