Tabung Haji partners Arcadia to strengthen Theta Edge's financial performance

KUALA LUMPUR: The strategic partnership between Lembaga Tabung Haji (TH) and Arcadia Acres Sdn Bhd in Theta Edge Bhd will strengthen Theta’s financial performance as well as market position via new business collaboration, revenue enhancement and a stronger footing in the IT industry.

Ultimately it will enhance the value of TH’s investment, a win-win situation for both TH and Theta.

TH has signed a partnership with Arcadia Acres, a wholly-owned Bumiputera company, as part of its plans to increase the value of its investment in Theta Edge.

Arcadia, which has a strong track record in the information technology industry, will acquire 30.3 per cent equity stake in Theta, making it the second largest shareholder of the company, which is mainly involved in IT systems integration and telecommunication engineering services.

TH will, however, continue to be the single largest shareholder of Theta with an equity interest of 38.4 per cent, TH group managing director and chief executive officer Datuk Nik Mohd Hasyudeen Yusoff said In a statement.

"We welcome Arcadia Acres as a strategic partner in our effort to ensure Theta’s sustainability and growth.," he added.

Meanwhile, Arcadia director Zainal Abidin Jalil said the company has shown its track record with Dagang Nexchange Bhd where it became the single largest shareholder driving the strategic transformation of the former government-linked company into an entrepreneur-driven company with core business in IT/e-services and energy.

"I believe we have the proven track record to co-drive with TH to scale up the business to take advantage of the market demand for innovative solutions in a low-touch customer-centered economy,” he said.

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