2 days ago
- Business
- Malaysian Reserve
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
