OSK sells 7m Green Packet shares
KUALA LUMPUR: Green Packet Bhd shares have come under pressure following the sale of seven million shares by OSK Technology Ventures Sdn Bhd.
OSK is owned by Tan Sri Ong Leong Huat, who has a fortune worth US$255 million (RM816 million), according to Forbes Magazine.
Despite the sale, OSK still owns some 16.61 per cent of Green Packet.
OSK sold the Green Packet shares at the top end of the stock’s trading price range on October 10 and October 4.
On October 10, OSK sold two million Green Packet shares at 52 sen a share while on October 4, it sold some five million shares
when the Green Packet stock hit its 52-week high of 63 sen.
At 63 sen a share, Green Packet’s stock was up by more than 100 per cent, fuelled by rumours that it was nearing a sale of its
stake in Packet One Networks Sdn Bhd.
Packet One had helped its parent become the country’s first WiMAX operator. Additionally, it also has a 4G licence.
Rumours of Green Packet selling Packet One have made headlines for two years now.
Hence, despite the talks that a sale is in the offing, there has been nothing tangible to show.
Since hitting its peak on October 4, Green Packet shares have shed some 13 sen. The stock last traded at 50 sen a share, and dealers said selling pressure on the counter will continue until a deal for Packet One is announced to the stock exchange.