KUALA LUMPUR: Theta Edge Bhd has bagged a RM673.8 million contract for a 20-year concession to develop, provide and maintain Internet of Things (IoT) solutions for Ampang Jaya Municipal Council (MPAJ).
In a filing with Bursa Malaysia Securities, the information communication and technology service provider said its wholly-owned subsidiary Theta Telecoms Sdn Bhd received the contract, that will run for 240 months, from July 15, 2024 to July 14, 2044.
The company said Theta Telecoms has accepted the offer via a letter of acceptance on July 9.
Theta Edge added that 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.
It said the contract will see the company grow in digital telecommunication engineering services, specialised communication network and smart city industry.
Theta Edge said it is expected to positively impact the company's earnings per share and net assets per share for the financial year ending Dec 31, 2024 and beyond until project completion.
Theta Edge's share price closed at RM1.74 a share yesterday, giving it a market capitalisation of RM205.3 million.