Green Packet to reallocate private placement funds after Sri Lanka JV termination
GREEN Packet Bhd is revising its use of private placement proceeds after calling off a planned joint venture in Sri Lanka, citing prolonged regulatory delays and lack of engagement from the local government.
The RM10 million project, intended to build a nationwide tourism digital platform with Sri Lanka-based TTISB, was officially scrapped on May 23, 2025.
With RM7.15 million unutilised, the company will redirect funds towards expanding its money-lending business, enhancing digital infrastructure, upgrading its smart residential and parking platform, and supporting working capital.
Green Packet also plans to invest RM1.2 million into a new loan management system via its lending arm Packet Interactive Sdn Bhd, expected to go live by Q2 2026.
So far, Green Packet has raised RM9.46 million from the placement, with a further RM5.32 million to come.
It is also seeking shareholder approval to extend the usage timeframe for working capital from 12 to 24 months. –TMR
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
3 hours ago
- The Star
Football club investor Eagle files for US IPO, Bloomberg News reports
FILE PHOTO: The logo for the New York Stock Exchange (NYSE) is displayed at the NYSE in New York City, U.S., July 6, 2023. REUTERS/Brendan McDermid/File Photo (Reuters) -Eagle Football Holdings, one of the most active investors in global football clubs, has confidentially filed for a U.S. initial public offering, Bloomberg News reported on Friday. Reuters could not immediately confirm the report. The France-based company submitted a draft registration statement to the U.S. Securities and Exchange Commission, the report added, citing a company statement. The firm has been working with UBS Group AG on the potential IPO, the report said. Eagle Football, run by U.S. businessman John Textor, holds stakes in multiple football clubs including Olympique Lyonnais, Crystal Palace and Brazil's Botafogo. The SEC and Eagle Football did not immediately respond to request for comment outside regular business hours. (Reporting by Ananya Palyekar in Bengaluru; Editing by Leslie Adler)
New Straits Times
5 hours ago
- New Straits Times
US monitoring Israel-Iran attacks' impact on global energy supply
WASHINGTON: US Energy Secretary Chris Wright said on Friday he and his team are working with the White House's National Security Council to monitor the situation in the Middle East and any potential impacts to global energy supply. Wright said on X, after Israel's strikes on Iran's nuclear sites and Iran's response of missiles on Israel, that President Donald Trump's policy of maximizing US oil and gas output, which also involves slashing pollution regulations, has boosted US energy security. Oil and gas sites in Iran, an OPEC member, have not been targeted, analysts have said. Global crude oil prices spiked on Friday, settling 7 per cent higher at more than US$74 per barrel on investor worries about conflict spreading to the wider Middle East. And US gasoline prices could rise about 20 cents a gallon in coming days during peak US summer driving season "creating economic pressures and political headwinds for President Donald Trump, who campaigned on lowering energy costs," analysts at ClearView Energy Partners said in a note to clients. ClearView said higher prices could push Trump to focus on tapping strategic petroleum reserves, seeking supply additions from the OPEC+ production group, and could complicate efforts to tighten sanctions on Russia, one of the world's top three oil producers. The US Energy Department did not immediately respond to a question about the potential to tap the US Strategic Petroleum Reserve (SPR), the world's largest, which currently holds 402.1 million barrels of crude. Fatih Birol, the head of the Paris-based International Energy Agency, said on X that the IEA oil security system, which includes the US SPR, has more than 1.2 billion barrels of emergency stocks. The Organization of the Petroleum Exporting Countries slammed Birol's post, saying on X it raises false alarms and "projects a sense of market fear." --REUTERS
The Star
5 hours ago
- The Star
U.S. stocks tumble as Middle East tensions flare
NEW YORK, June 13 (Xinhua) -- U.S. markets sank on Friday, closing out a volatile week with losses after a dramatic escalation in Middle East tensions rattled global investors. The Dow Jones Industrial Average plunged 769.83 points, or 1.79 percent, to 42,197.79. The S&P 500 fell 1.13 percent to 5,976.97, while the Nasdaq Composite dropped 1.30 percent to 19,406.83. The sell-off accelerated in the afternoon session after the Israel Defense Forces reported that dozens of missiles were launched from Iran, stating "all of Israel is under fire." This followed Israeli airstrikes on Iran, which Tehran called a "declaration of war." The escalating conflict raised fears of broader geopolitical instability that could impact energy markets and global supply chains. Ten of the 11 primary S&P 500 sectors finished in red. Financials and technology were the biggest laggards, falling 2.06 percent and 1.50 percent, respectively. Energy stocks, however, bucked the downtrend, gaining 1.72 percent as crude oil prices spiked on fears of supply disruptions in the Middle East. "This conflict adds challenges to the already sizable collection of worries being maintained by the markets -- those aren't going away. At the bare minimum the spike in crude, if it persists, will have an almost immediate impact on inflation numbers," said Mark Malek, chief investment officer of Siebert Financial. "If crude breaches and holds above the 100-U.S.-dollars (per barrel) mark, we could see U.S. inflation reaccelerate towards 5 percent," according to Phil Carr, head of trading at Britain-based firm GSC Commodity Intelligence. Technology stocks, which have led much of this year's rally, saw widespread losses. Nvidia and Broadcom each fell more than 2 percent, while Microsoft, Apple, Amazon, Alphabet, and Meta Platforms also declined. Tesla rose nearly 2 percent, rebounding after snapping a four-day winning streak Thursday. In economic news, the University of Michigan's consumer sentiment index rose to 60.5 in June, well above the 54 forecast by Dow Jones and marking a 15.9 percent jump from May. Despite the encouraging consumer outlook, it was not enough to offset investor anxiety over rising geopolitical risks. With volatility likely to persist, investors will be watching closely next week for developments in the Middle East as well as signals from the Federal Reserve's upcoming policy meeting.
