KUALA LUMPUR (July 4): Green Packet Bhd (KL:GPACKET) has a new substantial shareholder in Labuan-licensed investment bank European Credit Investment Bank Ltd.
The investment bank acquired 141.09 million shares or a 5.771% stake in the smart property devices and payment solutions firm via open- and off-market transactions on Thursday (July 3), according to Green Packet’s bourse filing on Friday.
The filing said 18.72 million shares were acquired on the open market, while another 122.36 million shares were acquired off-market.
The price at which the shares were purchased was not disclosed. However, based on Green Packet shares’ closing price on July 3 of four sen, the block is valued at RM5.64 million.
According to Bloomberg off-market data, a 10.656 million share block was traded at half a sen apiece on July 3, and a 111.71 million share block was transacted at the same price on July 1. The cumulative 122.36 million shares were traded for a total RM611,824.
The half a sen apiece price-tag represents an 87.5% discount to July 1 and July 3’s closing price of four sen.
European Credit Investment Bank provides investment banking, wealth management and financing services, according to its website.
Besides the Labuan-licensed bank, Green Packet’s other substantial shareholder is its non-independent and non-executive director Kunal Tayal, with a 15.26% stake, via his vehicle Authentic Design Resources Sdn Bhd.
Shares in Green Packet ended half a sen or 12.5% lower at 3.5 sen on Friday, valuing the company at RM75.1 million.
The Edge Malaysia: https://theedgemalaysia.com/node/761460