Puan, who is better known as CC Puan, (pic) has been accumulating shares on the open market, according to the filing with Bursa Malaysia.
PETALING JAYA: GREEN PACKET BHD, the technology firm that has been hogging the limelight with its media campaigns to help traditional companies embrace digitisation, saw 10% of its shares cross in off market trades.
The trades which took place in a few trances last Wednesday to Friday, saw a total of 110 million shares or 10.9% of the company, change hands at 80 sen apiece.
That price represented a significant premium of close to 16% over the closing price of Green Packet stock on Friday of 69 sen.
It is not known yet who the buyers and sellers of the blocks of shares are.
When contacted, group managing director and chief executive officer Puan Chan Cheong declined to comment on the matter.
But a dealer said the buyers are likely to be parties familiar with the growth plans of Green Packet for them to pay a premium for the block.
No announcement yet has been filed with Bursa Malaysia on any major shareholding change at press time.
Puan, who is better known as CC Puan, (pic) has been accumulating shares on the open market, according to the filing with Bursa Malaysia.
This month so far, Puan has bought 6.351 million shares on the open market. His direct stake amounted to 10.27% as at June 12. Puan also holds an indirect stake of 16.9% via Green Packet Holdings Ltd.
Green Packet has been actively growing its business.
Last month, it teamed up with Internet giant Tencent Holdings Ltd to leverage on the latter’s cloud services for the provision of eKYC ((electronic know your customer) to businesses in Malaysia, particularly banking and financial institutions.
KiplePay Sdn Bhd, a wholly-owned subsidiary of Green Packet will leverage on Tencent Cloud’s facial recognition and machine learning capabilities to build a localised e-KYC solution through its KipleID e-KYC.
Last week, Green Packet said it is acquiring Singapore-based e-KYC (Electronic Know Your Customer) specialist firm Xendity Pte Ltd. Green Packet took over the company for US$10mil.
With the acquisition, it will enable Green Packet to strengthen its digital identity verification services, a fast-growing sector as more organisations move towards their digital transformation.
This will reinforce Green Packet’s position as the partner for digital financial solutions for various industries in Malaysia including telecommunications and banking.
Green Packet has also announced its intention to apply for a digital bank license in Malaysia and will likely be part of a consortium that will include the likes Bank Islam Malaysia and Tencent, both of which it has business relationships with.
Green Packet has partnered Bank Islam, the country’s largest Islamic bank to focus on digital payments for country’s student market. Meanwhile, Tencent owns WeBank, the top digital bank in China which since its formation in 2014 has led the space in terms of its asset quality, profitability and return on equity.
WeBank is also a success story in the usage of technology in banking; its chat box handles 98% of customer enquiries and its eKYC facial recognition solution has fulfilled over 640 million identity verification requests.
https://www.thestar.com.my/business/business-news/2020/06/22/green-packet-shares-cross-at-premium-to-market
