Green Packet provides capital for WiMAX consultancy globally

KUALA LUMPUR: Green Packet Bhd has subscribed for an additional 699,991 shares in its 90%-owned subsidiary Packet One International Pte Ltd (P1i) for S$699,991 (RM1.68 million) cash.

Green Packet said yesterday P1i had also issued 200,000 shares and 99,999 shares fully paid to Telnet Technologies Sdn Bhd and Tang Pen San, respectively.

It said after the proposed subscription and additional issuance, its stake in P1i would be reduced to 70%, while the remaining 30% would be held by Telnet and Tang.

Tang, a Malaysian (Singapore permanent resident) with over 20 years of experience in the technology business, is P1i’s managing director.

Telnet was incorporated in Brunei with its principal activity in electrical, mechanical and telecommunication contracting. Its directors and substantial shareholders are Darren Ong Chee Seng and Ahmad Isa. Prior to completion, P1i’s paid-up capital was S$10 comprising 10 shares fully paid.

P1i is an investment holding company for Green Packet group’s Global WiMAX (Worldwide Interoperability for Microwave Access) Services, a specialised WiMAX consulting service on end-to-end business, operational strategy development, network infrastructure, roadmap planning and marketing.

WiMAX is a telecommunications technology that provides wireless transmission of data using a variety of transmission modes.

Green Packet said the proposed subscription was to provide working capital to P1i to undertake its Global WiMAX Services and was in line with the group’s objective of expanding its WiMAX consultancy and project management business overseas so as to enhance future earnings.

-By The Edge Financial Daily (http://www.theedgemalaysia.com)
Link: http://www.theedgemalaysia.com/business-news/15537-green-packet-provides-capital-for-wimax-consultancy-globally.html