Green Packet raises RM18.09 million from placement to institutional funds

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KUALA LUMPUR (March 21): Green Packet Bhd has raised about RM18.09 million in gross proceeds following the completion of its placement of up to 10% of its issued and paid-up share capital, through the subscription and allocation of 68. 27 million new shares of 20 sen each at an issue price of 26.5 sen.

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

Green Packet said the net proceeds from the placement of shares will 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.

Its chief executive officer and executive director Tan Kay Yen said the primary purpose of the placement exercise was to enhance its 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 Green Packet,” he said.