KUALA LUMPUR: Green Packet Bhd said four of the six investors have terminated their subscription agreement for the company's private placement of 598 million shares.
The four subscribers, namely Dr Prem Kumar, Roberto Guiati, Chan Yok Peng and Ler Pei Fen, were collectively supposed to subscribe to 490 million shares, according to its filing with Bursa Malaysia Securities.
The company said they mutually agreed to terminate the subscription agreements through separate letters dated Sept 12, 2024.
Meanwhile, subscription agreements with two other investors, Chow Dai Ying and Tay Guat Eng, still subsist and remains in effect.
The corporate exercise was first announced on April 30 this year, in which Green Packet announced to undertake a private placement of 598.48 million shares, representing 30 per cent of its issued shares at 3.2 sen per share amounted to RM19.15 million.
The company said RM10 million of the proceeds were intended to support its joint venture with the Sri Lanka's government for the development of an integrated tourism digital platform.
The remaining amount was allocated for a money lending business (RM6 million) and working capital (RM2.86 million) and expenses for private placement (RM290,000).
Green Packet's share price closed at 3 sen on Thursday for a market capitalisation of RM60.1 million.