This is an article by The Edge and not written by me.

KUALA LUMPUR (May 19): Green Packet Bhd has missed the deadline to sell 305.25 million shares of G3 Global Bhd to its former group managing director Puan Chan Cheong for 15 sen per share or RM45.79 million, it said.

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 million.

Puan, better known as CC Puan, resigned as group managing director of Green Packet, which he founded, on Jan 31, 2022.

The stake was initially planned to be sold to CC Puan as the second of three tranches of G3 stake sale under a share sale agreement (SSA) inked between CC Puan 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 million 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 Thursday (May 19), after ceasing to be one in December 2021.

“The company (Green Packet) wishes to inform that the conditions precedent for Tranche 2 Sale Shares was not completed on or before the conditions precedent period for Tranche 2.

“As such, the terms of the SSA shall cease to apply to Tranche 2. Following that, Green Packet has no remaining obligation in respect of the SSA,” Green Packet said.

Shares of G3 Global, which is involved in sales of ICT equipment, settled down half a sen or 6.67% at 7 sen on Thursday, giving it a market capitalisation of RM151.52 million.

Just two weeks ago on May 5, G3 Global bagged a RM118.38 million contract from Malaysia Airports Holdings Bhd (MAHB) to jointly develop an airport integrated security and safety system (AIS3) for KLIA and klia2, together with Hong Kong-listed software company SenseTime Group Ltd.

Green Packet shares rose half a sen or 6.25% to 8.5 sen on Thursday, giving it a market capitalisation of RM128.7 million.

https://www.theedgemarkets.com/article/green-packet-misses-deadline-sell-g3-global-shares-former-md

My two cents:

Although Green Packet still hold some stakes in G3, it is clear that CC Puan is no longer the “rule maker” behind these two companies. Yes, Green Packet stakes might be substantial, but the share price movement of G3 ultimately lies in what the company does and how much of a profit that they are able to churn in the future. In line of what the company had achieved recently, we feel that the future for G3 will be bright.

Stay strong, G3 holders!