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GPACKET (0082) GREEN PACKET BHD terminates share subscription deal with Mirai group

KUALA LUMPUR (Oct 13): Green Packet Bhd’s wholly-owned subsidiary Green Packet Global Holding Sdn Bhd (GPGH) has aborted its plan to subscribe to 20% of equity interest in Mirai HDC 1 Sdn Bhd, as well as to redeemable convertible exchangeable preference shares in Mirai Alpha Sdn Bhd.

GPGH (formerly Next Telecommunications Sdn Bhd) had signed agreements with both companies on June 8. Mirai HDC 1 intended to venture into the business of hyperscale data centre (HDC) and be an owner of a HDC building which it would buy from Mirai Alpha.

It was announced previously that Green Packet group managing director and chief executive officer CC Puan was the indirect substantial shareholder of Mirai Digital, the sole shareholder of Mirai Alpha, which in turn would hold the remaining 80% equity interest in Mirai HDC.

In a filing with Bursa Malaysia on Wednesday, Green Packet said the termination was in light of Mirai Alpha’s recent decision to not proceed with the land acquisition exercise of the location where the HDC was originally planned to be developed.

“This is due to the change of investment structure within Mirai Alpha.

“The board has deemed the investment opportunity for GPGH’s expansion into HDC business through the investment in Mirai Alpha and Mirai HDC 1 to be no longer feasible,” the technology solutions group said.

Green Packet said the group would be exploring other viable options to pursue its expansion into the HDC space.

http://www.theedgemarkets.com/article/green-packet-terminates-share-subscription-deal-mirai-group

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