Kendall Court raises stake in Green Packet to over 10%

Just last Monday, Kiplepay and Bank Islam Malaysia Bhd launched the KipleUNl programme, providing electronic wallet services to the needs of students, universities and merchants at education hubs, campuses and university towns.

PETALING JAYA: Singapore-based private equity firm Kendall Court has bought another 35 million shares in the international telecommunications and technology firm, Green Packet Bhd, raising its stake to over 10%. On Friday, stock filings showed that Kendall Court paid around 85 cents apiece of Green Packet stock in an off-market transaction.

This came after Kendall Court had acquired 65 million shares or 7.19% in Green Packet in September last year. Following the latest purchase, this would bump up Kendall Court’s stake to 10.8%, making it the second largest shareholder after founder and group managing director, Puan Chan Cheong (29%).

In September, following its 7.19% equity purchase of Green Packet, Kendall Court had then said it was impressed by Green Packet’s progress particularly in its fintech business with the ability to leverage on its e-wallet, payment gateway and wallet-as-a-service capabilities.

The PE firm also noted that Green Packet was on the right trajectory to ready itself for digital bank opportunities, for which Malaysia has plans to soon issue five licenses for

Since then, it has emerged that Green Packet’s wholly owned unit Kiplepay Sdn Bhd has emerged as the first fintech player in Malaysia to provide a white-labelled e-wallet solution with Bank Negara’s approval.

This business segment is growing fast and is likely to be a source of significant recurrent revenue for the group.Kiplepay now powers one of the largest e-wallet efforts in the country called Setel, which is introduced by Petronas Dagangan Bhd as the first petrol e-payment solution in Malaysia, available in more than 700 Petronas stations.

It has been reported that more organizations with large user bases are anticipated to want to have their own personalized e-wallet, integrated with a spectrum of functionalities like loyalty programmes, mobile payments and discounts.

Green Packet has also hinted that they will be enabling more white labelled services soon, including one that incorporates artificial intelligence, and facial recognition, in a collaboration with another oil and gas company that operates more than 100 petrol stations in Malaysia.

Just last Monday, Kiplepay and Bank Islam Malaysia Bhd launched the KipleUNl programme, providing electronic wallet services to the needs of students, universities and merchants at education hubs, campuses and university towns.