Green Packet buying 80% of IT firm for RM9m

PETALING JAYA: Green Packet Bhd is acquiring an 80% stake in Webonline Dot Com Sdn Bhd for RM9 million.
In a filing with the stock exchange, Green Packet said its wholly-owned subsidiary Packet Interactive Sdn Bhd had entered into a share sale and purchase and subscription agreement with the vendors of Webonline Dot Com for the acquisition.
Webonline Dot Com is involved in the provision of internet portal services, e-commerce and other web-related business. It posted a net profit of RM659,313 for the financial year ended Dec 31, 2015.
Besides that, Packet Interactive also entered into an option agreement with the vendors to acquire the remaining 20% stake in Webonline Dot Com. The option runs until April 30, 2018.
Green Packet said the acquisition would allow the group to expand its existing technology platform, solutions and services offering to its customers, thus enabling it to provide an end-to end-solution for its services.