KUALA LUMPUR (Feb 10): Green Packet Bhd’s newly emerged largest shareholder Leong Seng Wui has joined the company’s board as an executive director effective Thursday (Feb 10), according to its filing with Bursa Malaysia.

Leong’s appointment came after the group’s co-founder, Puan Chan Cheong sold his stake in Green Packet and resigned from the board on Jan 31.

Puan returned to helm Green Packet more than two years back in July 2019. He was made the group managing director.  

Meanwhile, according to the filing, 42-year-old Leong is the former executive director of XOX Networks Bhd (formerly known as Macpie Bhd).

Leong emerged as the largest shareholder of the group after Puan sold his entire 8.91% stake in Green Packet to Leong via a direct business transaction deal worth RM6.22 million, its Bursa Malaysia filing showed on Jan 31.

Based on the back of envelope calculation, Puan sold his entire stake to Leong at 0.05 sen per share — much lower than its current market value.

Notably, Green Packet shares have been on a downward trend for the past 12 months — reaching a high of 44 sen in February last year and a low of seven sen in December 2021.

Green Packet ended unchanged at 8.5 sen on Thursday, giving it a market capitalisation of RM119 million. It saw a total of 2.25 million shares changing hands.