GREEN PACKET BHD (ext: Edge)

WiMAX licence holder, GREEN PACKET BHD [ GPACKET  0.845  0.010 (1.198%) ] has set the price of its rights issue.

The company is planning an issue of one rights share and one detachable warrant for every two existing ordinary shares of 20 sen each, on an entitlement date to be determined.

The issue price of the rights share is fixed at 50 sen per share and the exercise price of the free detachable warrant is fixed at 95 sen.

Green Packet posted a higher net loss of RM27.9 million for its second quarter ended June 30, 2009 compared to the same quarter last year of a net loss of RM4.9 million .

In contrast, revenue grew 151.5% to RM56.5 million in the quarter.

The company said the net loss in the quarter was mainly attributed to heavy promotional activities and subscriber acquisition costs for the broadband business.