Quick take: GPacket rises on potential emergence of a substantial shareholder

KUALA LUMPUR: GREEN PACKET BHD (GPacket) rose 2.1% in early trade Thursday on reports that investor from China eyes stake in the company.

The counter, which has been on an uptrend, added 2.13%, or 1.5 sen to 72 sen with 11.88 million shares traded. In the past one year, GPacket rose over 90.6%.

Sources told StarBiz that several parties related to a technology player in China were the major takers of the several off-market transactions involving 129 million shares, or 14.2% in GPacket since early this month.

On Tuesday, about 62 million shares or representing a 6.86% stake in GPacket were transacted at between 60 sen to 63 sen per share unit.

The 62 million shares changed hands in a total of 12 transactions, at a cumulative value of about RM37.81mil.

Meanwhile, 19 million more shares or 2.1% stake were transacted yesterday at 65 sen apiece. The source said this was also related to the new Chinese shareholder.

Currently, the largest shareholder of GPacket is founder and group managing director Puan Chan Cheong or better known as C.C. Puan. He controls 29.42% in the company.

Source: TheStar