The announcement was made to Bursa Malaysia for the company shares being bought over by our country telecom gaint, Telekom or TM.
TM buys 57% stake of the P1 making them the largest shareholder of the company.
The speculation of this take-over had been going on for sometimes and finally it was over.
P1 should be the most benefited party for this merger, so it won't be surprised GPacket shares price will move up within a week or two after T4.
May be will buy in around RM0.40 or lower, with force-selling on T4 on next two days, the target price is doable.
Market was predicting the shares will hit limit-up when the suspension was lifted the next day on 28/3/2014 but it did not materialised. The price was opened up 5 sen then slowing coming to negative area and closed the day with 5 sen in red or RM0.47. Even TM shares price also falling 4.3% to close at RM5.93.
Brief overview and financial status of the company:-
Green Packet Berhad (Green Packet) is an information technology and communications company. The Company is principally engaged in the business of research, development, amnufacturing, marketing and distribution of wireless networking and telecommunication products, networking solutions and other high technology products and services.
The Company operates in three segments:
1) Solution Group, which is into research, development, marketing and distribution of wireless networking and telecommunications products and solutions;
2) Broadband services, which is engaged in the provision of broadband networks infrastructure, facilities and services, and
3) Communications Services, which is engaged in the provision of total communication services, solutions and products.
The Company's subsidiaries include Next Global Technology Sdn Bhd, Packet One Networks (Malaysia) Sdn Bhd, Packet Interactive Sdn Bhd, P1.Com Sdn Bhd and Green Packet Networks S.P.C.
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