KUALA LUMPUR (March 25): Green Packet Bhd said today the ICT company made a RM48.58 million gain from the disposal of 41.37 million shares in G3 Global Bhd on the open market for RM63.22 million in recent days.

In a Bursa Malaysia filing today, Green Packet said the disposal of its shares in G3 Global was an opportunity for it to monetise a portion of its shareholdings in an associate.

"Furthermore, the disposal will strengthen the group’s (Green Packet) cash flow position as proceeds from the disposal are earmarked for working capital requirements to be utilised in the current financial year,” Green Packet said.

According to G3 Global’s latest annual report, Green Packet owned 132 million shares representing a 28.2013% stake in G3 Global as at April 15, 2020.

Today, Green Packet said it had invested in G3 Global since August 3, 2016, and that the total cost of investment was RM35.04 million.

Green Packet’s filing today, however, did not specify how the RM48.58 million G3 Global share disposal gain was calculated.

At a glance, it appears that the filing, which indicated that Green Packet disposed of the G3 Global shares between last Thursday and yesterday, did not clearly specify how the total number of disposed shares at 41.37 million units was arrived at based on the specific total number of G3 Global shares sold last Thursday and Friday as well as on Tuesday and yesterday.

Green Packet said today that it last Thursday disposed of six million G3 Global shares and sold 37.35 million shares the next day.

On Tuesday, it continued to dispose of 46.78 million G3 Global shares, followed by the sale of 500,000 shares yesterday, according to its filing today.

At the time of writing, Green Packet had not issued a statement to Bursa to clarify the matter.

Meanwhile, according to G3 Global’s website, it was formerly known as Yen Global Bhd, which began as a clothes manufacturer.

In 2016, Green Packet acquired a stake in G3 Global, a move which established G3 Global's venture into the ICT business, according to G3 Global.

"In March 2017, the group was renamed as G3 Global in line with its business diversification and aspiration to be a global player,” G3 Global said.

On Bursa today, Green Packet’s share price closed down half a sen or 1.32% at 37.5 sen, with a market value of about RM397.5 million based on the company’s 1.06 billion issued shares.

G3 Global, meanwhile, ended down one sen or 4.88% at 19.5 sen, with a market capitalisation of around RM91.29 million. It has 468.16 million issued shares.