ONCE high-flying technopreneur and Green Packet Bhd founder Puan Chan Cheong (CC Puan; pic above) has been issued with two bankruptcy notices by the Kuala Lumpur High Court for failing to settle RM30 mil at the material time to acquire 20 million units of G3 Global Bhd’s put warrants from two parties under several put option agreement between the parties.
The put warrants were subsequently converted to 80 million units of ordinary shares following a corporate exercise by G3 Global Bhd.
The two parties who have commenced bankruptcy proceedings against Puan are Medinis Sdn Bhd and Everegion Sdn Bhd.
According to the bankruptcy notice dated May 24, 2022 by Medinis, Puan owes the company a principal sum of RM22.5 mil (excluding interest) for two put warrant tranches of G3 Global Bhd shares amounting to RM7.5 mil as of Aug 11, 2021 (20 million units ordinary shares) and RM15 mil as of Aug 24, 2021 (40 million units ordinary shares) respectively.
Likewise, the former group managing director of Green Packet has also failed to settle with Everegion the payment of a principal sum of RM7.5 mil (excluding interest) as of Aug 9, 2021 for five million units of put warrants (ie. 20 million units of ordinary G3 Global shares).
Medinis is an investment holding company involved in among others the supply of medical and healthcare products as well as undertakes sales & marketing functions in the realm of share investment, commodity investment and trading.
On the other hand, Everegion is a company undertaking property investment and construction contracts.
Interestingly on May 19 this year, it was reported that Green Packet has missed the deadline to sell 305.25 million shares of G3 Global to Puan at 15 sen/share or RM45.79 mil. The shares which amounted to 12.36% in G3 Global were converted from G3 warrants at an exercise price of 3 sen apiece or RM9.16 mil.
Puan has resigned as the head honcho of Green Packet which he founded on Jan 31, 2022.
The stake was initially planned to be sold to Puan as the second of three tranches of G3 Global stake sale under a share sale agreement (SSA) inked between him and Green Packet in July last year.
The deal entailed sales of 612.57 million G3 Global shares for a sum of up to RM91.89 mil or 15 sen per share. It included a deadline for Green Packet to convert the warrants and sell the shares to CC Puan within four months from July 5, 2021.
As such, Green Packet has re-emerged as a substantial shareholder of G3 Global Bhd on May 19 after ceasing to be one in December 2021.
At the close of today’s trading, G3 Global was unchanged at 4 sen with 46.31 million shares traded, thus valuing the company at RM116 mil while its warrants 2017 /2022 (maturing Oct 2) was untraded at 4.5 sen. – July 20, 2022
