NIISe Bid Race to be Revealed Soon: Who Will Emerge Victorious?

Recent reports suggest that $DNEX / 4456 (DAGANG NEXCHANGE BERHAD) and $THETA / 9075 (THETA EDGE BERHAD) are currently leading the bid for the National Integrated Immigration System (NIISe) project. According to sources cited by The Edge, the tender committee met last week to shortlist the proposed awardees, with an official announcement expected soon.

$IRIS / 0010 (IRIS CORPORATION BERHAD) originally secured the project in 2021 with a bid of RM1.16 billion. However, the contract was terminated in August last year due to delays.

The NIISe project aims to integrate border control systems across various units under the Ministry of Home Affairs, enhancing national border security and improving immigration management efficiency.

DNEX’s bid is higher, ranging between RM1.1 billion and RM1.2 billion, and proposes using the existing government system. In contrast, Theta's bid is lower at RM800 million, suggesting the development of a new border control system. Sources indicate that DNEX’s proposal is more standardized and rigorously tested, while Theta offers a cost advantage but needs to focus more on system development.

Rumors also suggest that Theta is preparing to poach senior executives from $HTPADU / 5028 (HEITECH PADU BERHAD), another shortlisted bidder. The NIISe project bid is highly competitive, with DNEX, Theta, and HeiTech Padu emerging as the final three contenders. Previously, $REDTONE / 0032 (REDTONE INTERNATIONAL BERHAD) was also in the race. BJCORP founder Tan Sri Vincent Tan, who holds a 40.79% stake in REDtone Digital, has acquired 600,000 shares in Theta and 3.2 million shares in DNEX.

Despite REDtone Digital’s active maneuvers, they eventually paused, leaving DNEX, Theta, and HeiTech Padu as the top contenders.

Interestingly, Theta's share price has outperformed DNEX recently. Over the past month, Theta's share price has increased by almost 50%, while DNEX’s share price has decreased by 6%. This performance, coupled with Theta's recent contract awards, suggests that Theta might have a higher chance of winning the NIISe project.