Green Packet rights issue oversubscribed by 13.19%

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KUALA LUMPUR (Nov 27): Green Packet Bhd said its rights issue has been oversubscribed by 13.19%.

In a statement today, Green Packet said it received total valid acceptances and excess applications for over 170.02 million rights shares, compared with the 150.2 million made available for subscription.

Of the oversubscribed rights shares, 141.26 million or 94.05% are valid acceptances while the remaining 28.75 million or 19.14% are valid excess applications, it added.

On June 22, Green Packet announced that it would undertake a rights exercise entailing the issuance of 150.2 million new shares on the basis of one rights share for every five existing Green Packet shares held, together with up to 450.61 million free detachable warrants on the basis of three warrants for every one right share subscribed.

The group’s rights shares were issued at the price of 40 sen each, which aims to raise RM60.08 million in proceeds. 

Green Packet said it will utilise the proceeds to acquire more trade equipment such as customer premise equipment and Internet of Things devices to facilitate continued growth in the digital equipment.

The rights shares are expected to be listed on the Main Market of Bursa Malaysia on Dec 4.

Green Packet shares ended the morning session unchanged at 34 sen today, with 275,200 shares done, bringing a market capitalisation of RM255.34 million.