Green Packet unveils plans to invest further MYR110 million in Packet One

Green Packet, the parent company of Malaysian WiMAX operator Packet One Networks (P1), has revealed plans to subscribe for 419,500 Class A Islamic Irredeemable Convertible Preference Shares (ICPS) in the telco for MYR110 million (USD32.59 million), or MYR262.22 per share. Green Packet has claimed that the additional investment will assist in the nationwide rollout of P1’s Malaysian WiMAX network and the expansion of its product range; P1 is aiming to achieve 45% population coverage by the end of 2010, and is expected to introduce fixed VoIP services by the end of 2009.