Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 19): Green Packet Bhd rose as much as 2.13% this morning, following news that a new substantial shareholder has moved to take up more than 10% stake in the tech company.

At 10:03am, shares in Green Packet rose 1.5 sen or 2.13% to 72 sen, valuing the company at RM656.14 million.

The counter is trading at an eight-year high of 11.88 million shares. In contrast, its 200-day average trading volume stood at 6.99 million shares.

In a report today, The Edge Financial Daily said Green Packet saw more than 10% stake crossed in off-market trades since last week, with sources telling the daily that the slew of off-market transactions are paving the way for the emergence of a substantial shareholder.

A total of 12 off-market trades were conducted, with every transaction size ranging from 562,260 shares to the largest of 15.24 million shares. The transactions were done at between 60 sen and 63 sen per share, resulting in a total worth of RM37.81 million.

The sources shared that of the 62 million shares crossed on Tuesday, 80% of them were taken up by a China-based fund.

"The buyer is a foreign institutional investor from China, who is expected to emerge as a substantial shareholder of Green Packet soon. Already, Green Packet saw 5% [of its stake traded through] off-market transaction last week," said one of the sources familiar with the company.

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