Theta Edge Bhd (-ve)
TRADING of shares in Theta Edge Bhd (fundamental: 0.8/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the second time this month.
Theta closed up 1.5 sen or 3.03% at 51 sen, after 3.61 million shares were traded, versus the counter’s 200-day average volume of 143,394.5 shares.
The company is involved in providing system integration and turnkey solutions for the information technology (IT) and telecommunications sectors.
Last month, an English daily reported that Dagang NeXchange Bhd and Singapore-listed Silverlake Axis Ltd were among the front runners bidding for the IT company.
Silverlake’s offer reportedly entailed a full buyout and a general offer, but Theta’s board turned down the offer. Theta’s board, however, said it was not privy to the matter and hence had neither deliberated nor decided on it.
As of yesterday, Theta shares were trading at 0.85 times its net book value.