THETA Edge Bhd, a Lembaga Tabung Haji (LTH)-backed technology and telecommunication solution innovator, has secured a request for proposal (RFP) contract from the Ampang Jaya Municipal Council (MPAJ) to supply and maintain cutting-edge Internet of Things (IOT) technology for the local authority’s Smart Business Initiative.
The contract secured through the group’s subsidiary Theta Telecoms Sdn Bhd entails a 20-year concession period under the private public partnership (PPP) scheme. Theta will invest RM673.8 mil to develop IOT for the Ampang Jaya smart economy project.
The project financing will be managed by Theta via local financial institution(s). MPAJ as a statutory body will facilitate the licensing requirements as well as the digitisation process of council administration through revenue sharing.
The Smart Business Initiative is a revolutionary project aimed at transforming Ampang Jaya into a model smart city by leveraging advanced technology to improve business operations, enhance public services and drive sustainable growth.
Theta will work closely with MPAJ to assess and identify the best smart city solutions to transform Ampang Jaya into an integrated digital district and providing state-of-the-art technology solutions that meet the evolving needs of modern urban environments.
This joint commitment signifies a major step toward MPAJs “Smart City Framework” which is a visionary plan developed in January 2022 to transform Ampang Jaya into a smart city with a focus on Smart Infrastructure, Smart Economy, Smart Community, Smart Environment and Smart Governance.
As the selected provider of connectivity and digital solutions for this endeavour, Theta will oversee the coordination and implementation of the smart city related solutions and technologies.
“This contract with MPAJ is a clear testament to our expertise in IOT technology and our dedication to fostering urban living through smart innovations,” commented Theta Group CEO Datuk Nuraslina Zainal Abidin.
“We are dedicated to fully support MPAJ in their journey towards becoming full-fledged smart city as well as help improve overall efficiency in their operations and services to their communities as well as the creation of a more efficient business ecosystem.”
MPAJ’s president Dr Ani Ahmad highlighted that the synergetic collaboration between MPAJ and Theta would culminate in optimal strategy for smart city implementation.
“Ampang Jaya will evolve as technology advances. However, achieving the status of a fully smart city might take some time, perhaps around 10 to 15 more years,” she added.
More broadly, this initiative reflects MPAJs determination to transform into a smart city in line with the Selangor state government’s desire to become a smart state by 2025.
At the close of today’s trading, Theta was down 1 sen or 0.56% to RM1.78 with 4.12 million shares traded, thus valuing the company at RM210 mil. – July 11, 2024
