Theta Edge says potential project awards, private placement could be reasons behind spike in share price

PETALING JAYA: Theta Edge Bhd said the recent spike in its share price could be due to the potential project awards and the implementation of a private placement exercise.
Its shares continued its uptrend this morning, rising 5 sen or 8.8% to 62 sen on some 3.12 million shares done. Over the past one week, the stock has shot up over 80%.
In response to Bursa Malaysia's unusual market activity (UMA) query yesterday, the information and communication technology service provider said 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.
"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," it explained.
The company also noted 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 addition, Theta Edge said there could be possible change in its boardroom following the resignation of its chairman Tan Sri Hashim Meon, which was announced on October 31. The resignation is due to the completion of tenure with Lembaga Tabung Haji, the largest shareholder of Theta Edge with a 68.7% stake.

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