DNeX's largest shareholder ceases to be substantial shareholder in Theta Edge

KUALA LUMPUR (Feb 14): Dagang NeXchange Bhd (DneX)’s largest shareholder Arcadia Acres Sdn Bhd has ceased to be a substantial shareholder in Theta Edge Bhd.

Arcadia disposed of its entire 16.53% stake in Theta Edge, comprising 19.5 million shares, on Tuesday (Feb 14), according to a bourse filing.

The disposal consideration for the shares was not disclosed. Based on Theta Edge’s closing price of 70 sen on Tuesday, the 19.5 million shares would be worth RM13.65 million.

Arcadia had emerged as the second largest shareholder of Theta Edge after it acquired a 30.31% stake (32.5 million shares) in the IT systems integration and telecommunication engineering services group on March 31, 2021.

Arcadia subsequently trimmed its stake to 18.18% in October last year via the disposal of some 13 million Theta Edge shares.

A separate filing showed that the tranche was sold to Threadstone Capital Sdn Bhd.

Currently, Lembaga Tabung Haji remains as the largest shareholder in Theta Edge, with a 30% stake comprising 32.18 million shares.

Theta Edge's share price has been on a downtrend since it hit its peak of RM2.19 on Oct 8, 2021. The stock closed up 0.5 sen or 0.72% at 70 sen on Tuesday, giving the group a market capitalisation of RM83 million.