Business

Wednesday June 3, 2009

GPacket to buy more P1i shares


KUALA LUMPUR: Green Packet Bhd is proposing to subscribe to an additional 699,991 shares in Packet One International Pte Ltd (P1i), a 90% subsidiary of Green Packet, for RM1.68mil.

In a filing with Bursa Malaysia, Green Packet said P1i had also issued 200,000 shares and 99,999 shares fully paid to Telnet Technologies Sdn Bhd and Tang Pen San.

After the proposed subscription and additional issuance, Green Packet’s equity interest in P1i will be 70% while the remaining 30% equity interest will be held by Telnet (20%) and Tang (10%).

The proposed subscription is to provide working capital to P1i to undertake its global WiMAX Services and is in line with the group’s objective of expanding its WiMAX consultancy and project management business overseas so as to enhance the group’s future earnings. — Bernama


GPACKET : [Stock Watch] [News]

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