Theta Edge wins RM674mil IoT contract

PETALING JAYA: Theta Edge Bhd has secured a 20-year Internet of Things (IoT) contract worth RM673.8mil from the Ampang Jaya Municipal Council.

The company, which made a net loss of RM2.9mil in the first quarter ended March 31, said its subsidiary Theta Telecoms Sdn Bhd has accepted the letter of award to develop, provide and maintain IoT technology for the smart business initiative in Ampang Jaya.

The project value is estimated at RM673.8mil for a concession period of 240 months commencing from July 15, 2024 until July 14, 2044.

Theta Edge is 27.3%-owned by Lembaga Tabung Haji.

In a filing with Bursa Malaysia, Theta Edge said the new contract will foster the company’s growth in digital telecommunication engineering services, specialised communication network and smart-city industry.

Separately, Theta Edge announced the appointment of Tan Sri Abd Rahman Mamat as its chairman.