GPacket completes placement, gets RM18mil

Since relinquishing operations of Packet One Networks Sdn Bhd (P1), chief executive officer Kay Tan noted that the company was

PETALING JAYA: Green Packet Bhd (GPacket) has completed of its placement of up to 10% of its issued and paid-up share capital, raising approximately RM18.09mil of gross proceeds through the subscription and allocation of 68.27 million new ordinary shares of 20 sen each in GPacket at an issue price of 26.5 sen per placement shares.

In a statement, GPacket said the issue price was at a discount of approximately 7.83% to the 5-day weighted average market price up to March 9, 2017 of 28.75 sen per ordinary shares in GPacket.

The group said the net proceeds from the placement of shares would be used for product and business development of the group’s solutions and communications segments, future investments for acquisition of new assets and/or businesses as well as working capital purposes.

“The primary purpose of this placement exercise is to enhance our institutional shareholdings. We are proud to say that the demand for this placement exercise has been good and majority of the placement shares were taken up by reputable insurance funds and asset management companies.

“We are delighted with the strong interest from the institutional funds and grateful for the confidence in GPacket,” CEO and executive director Tan Kay Yen said in the statement.