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Green Packet subscribes new shares in Packet One International

Posted on: June 5, 2009


Bernama – Wednesday, June 3

KUALA LUMPUR, June 2 (Bernama) — Green Packet Bhd is proposing to subscribe additional 699,991 shares in Packet One International Pte Ltd (P1i), a 90 percent subsidiary of Green Packet for RM1.68 million.

In a filing to Bursa, Green Packet said P1i has 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 percent while the remaining 30 percent equity interest will be held by Telnet (20percent) and Tang (10 percent).

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

CL SD

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