KUALA LUMPUR (Dec 4): OSK Ventures International Bhd (OSKVI) has disposed of its entire 15.92% stake in Green Packet Bhd for a total cash consideration of RM32.97 million or 30 sen per shares.

The disposal is expected to result in a loss on disposal at the OSK Ventures level of approximately RM1.1 million, which will translate into a decrease in earnings per share of approximately 1 sen for the group.

In a filing with Bursa Malaysia, OSK Ventures said its wholly-owned subsidiary OSK Technology Ventures Sdn Bhd (OSKTV) had on Dec 4, disposed the 109.9 million shares or 15.92% of the issued and paid-up share capital of Green Packet via an off-market business transaction.

The estimated gross cash proceeds of RM32.97 million are expected to be utilised for its day-to-day operations, including investment activities and general operating expenses.

The company opined that the disposal provided a good opportunity to harvest the value of investments in Green Packet and to dispose the shares at a premium over the recent market prices, amidst low daily trading volume recorded by Green Packet over the preceding few months.

The consideration was a 9.89% premium over the shares' five-day volume weighted average market price (VWAP) of 27.3 sen, and a 14.5% premium over its one-month VWAP of 26.2 sen.

OSK Ventures lost 2 sen or 4.44% to 43 sen today, valuing it at RM88.9 million.

Green Packet closed up 1.5 sen or 5.45% to 29 sen, with a market capitalisation of RM188.6 million.

(Notes: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)