KUALA LUMPUR (Sept 19): Datuk Seri Dr Shahril Mokhtar has stepped down as managing director of technology firm Green Packet Bhd (KL:GPACKET) after almost a year in the job.

He previously served as the managing director of Prasarana Malaysia Bhd and chief executive officer of Mass Rapid Transport Corp Sdn Bhd (MRT Corp).

In a filing with Bursa Malaysia on Thursday, Green Packet said Shahril, 51, is retiring effective immediately.

Last Thursday (Sept 12), Green Packet announced that four of the six investors expected to subscribe to its private placement of 598 million shares have withdrawn. The four subscribers — Dr Prem Kumar, Roberto Guiati, Chan Yok Peng and Ler Pei Fen — mutually agreed to terminate their subscription agreements.

Its subscription agreements with the two remaining subscribers namely Chow Dai Ying and Tay Guat Eng remain intact.

Green Packet announced on April 30 that it plans to undertake a private placement of 598.48 million shares, representing 30% of its issued shares, at 3.2 sen per share, totalling RM19.15 million. The funds from the placement were intended to support its joint venture with the Sri Lankan government on an integrated tourism digital platform (RM10 million), a money lending business (RM6 million) and for working capital (RM2.86 million).

At 3.29pm on Thursday, Green Packet shares were unchanged at three sen, with 930,100 shares done. Its market capitalisation stood at RM63.3 million. The stock has fallen 40% so far this year.