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KUALA LUMPUR (September 21): Green Packet Bhd has partnered with MMAG Holdings Bhd, whose share price soared 29.37% today, to establish a digital payment system for migrant workers.
In an exchange presentation, Green Packet said that its wholly owned unit, Kiplepay Sdn Bhd, had signed a framework agreement with MMAG’s wholly owned subsidiary, MMantap Sdn Bhd.
Under the framework agreement, Kiplepay’s Kiplepay electronic wallet and digital payment system would be implemented. As such, MMantap seeks to use Kiplepay’s digital payment payment solution for migrant workers managed by it.
The term of the framework contract is two years (24 months) and will be renewed for successive periods of one year (12 months) each.
“The services are in the ordinary course of business of the Green Packet group. The services are not expected to have any material effect on earnings per share, net assets per share, leverage, share capital and substantial interests of the shareholders of the company during the financial year ending December 31, 2020.
“None of the directors, principal shareholders and persons related to a director or majority shareholder of Green Packet Bhd have any interest, direct or indirect, in the framework agreement,” he said.
Green Packet said that the e-wallet, which could extend to 2.5 million foreign workers who are managed by MMantap, is dynamic and dependent on reopening borders and government policies.
Green Packet shares ended unchanged at 53.5 sen, valued at about 588.04 million ringgit. He saw 13.02 million shares traded.
MMAG’s shares were up 29.37% or 37 sen to RM1.63, making it the fourth highest earning company, in terms of value, across the board. In contrast, the price of its warrant plummeted, 15.8% or 6.5 sen to 34.5 sen.
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