KUALA LUMPUR: Shares of Theta Edge Bhd and Malaysian Resources Corp Bhd (MRCB) jumped after their joint venture secured a RM3.028 billion railway systems contract for the Penang Light Rail Transit (LRT) Mutiara Line.
Theta Edge climbed to a six-month high after opening five sen, or 9.09 per cent, higher at 60 sen. It later surged as much as 17.5 sen, or 31.82 per cent, to 72.5 sen, its highest since Jan 22.
By the midday break, the counter eased to 69 sen, still up 14 sen, or 25.45 per cent, with 5.96 million shares traded. It was the stock's busiest trading day since Oct 10, 2024, with volume exceeding 10 times its 200-day moving average.
Today's rise marked Theta Edge's biggest single-day gain since Nov 28, 2025, when the stock surged after reporting stronger-than-expected third-quarter earnings.
The stock closed 16 sen, or 29.09 per cent, higher at 71 sen, giving it a market capitalisation of RM83.76 million. Year-to-date, it remained down two sen, or 2.74 per cent.
MRCB shares opened flat at 31 sen before climbing as much as three sen, or 9.68 per cent, in the final hour of trading to close at a session high of 34 sen, marking its biggest single-day gain in more than a year.
The counter was Bursa Malaysia's most actively traded stock, with 70.35 million shares changing hands.
At 34 sen, MRCB had a market capitalisation of RM1.52 billion. The stock remained down four sen, or 10.53 per cent, year to date.
Theta Edge, through its 10 per cent-owned joint venture with Malaysian Resources Corp Bhd (MRCB), has secured the RM3.028 billion system turnkey contract for the Penang Mutiara Line LRT project.
MRCB owns the remaining 90 per cent stake in the joint venture.
The contract, awarded by Mass Rapid Transit Corporation Sdn Bhd (MRT Corp), is a key milestone in the delivery of Penang's first metro rail system, allowing railway systems design and integration to proceed in parallel with ongoing civil works.
The joint venture has been appointed turnkey contractor for the engineering, procurement, design, construction, testing, commissioning and maintenance of the railway systems under Package STC.
The scope includes the delivery of electric trains, depot equipment, signalling and train control systems, trackwork, power supply and distribution systems, and maintenance vehicles.
It also covers telecommunications and information technology systems, ticketing systems, automatic platform gates, the railway supervisory control and data acquisition (SCADA) system, and a computerised maintenance management system.
In a Bursa Malaysia filing, Theta Edge said it will undertake selected technology-related work packages covering railway systems, telecommunications and digital infrastructure.
The detailed allocation of work packages will be finalised under the joint venture agreement.
MRCB is one of Malaysia's largest infrastructure and property developers, with an established track record in rail construction and transit-oriented developments.
It is best known for developing KL Sentral, the country's largest integrated transport hub, and has undertaken major rail infrastructure works for the MRT Sungai Buloh-Kajang Line and the LRT3 Shah Alam Line.
MRT Corp said the 29km Mutiara Line remains on track for completion by December 2031 as construction gathers pace.
To date, 45 pile caps and 32 pier columns have been completed, while works are underway across 14 of the 19 sections under Civil Main Contract 1, covering the alignment from Silicon Island to Komtar.
Land acquisition for the first civil works package has reached 93 per cent, while the tender evaluation for Civil Main Contract 2, covering the extension from Komtar to Penang Sentral, is ongoing and is expected to be awarded in November.