KUALA LUMPUR (March 24): Green Packet Bhd shares were up in the morning session on Friday (March 24), gaining 14.29% or half a sen,on the back of the Ministry of Works' announcement to allocate RM3.46 billion for the implementation of the multi-lane free flow (MLFF) toll collection system by 2025 to overcome and reduce congestion on highways, especially at toll plazas.

In 2021, Green Packet said that together with FETC International Co, it will run the country’s first-ever MLFF tolling system proof of concept (POC) on Malaysian highways.

In a statement in September 2021, the group said the MLFF POC will be installed at Besraya KM5.5 (northbound) .

In a Dewan Rakyat session on Monday, the Ministry of Works said work is under progress to ensure that the MLFF system can be implemented, starting with a study of its use in 2024, before its full implementation in 2025, to avoid the use of toll bars (boom gates).

At 11.45am on Friday, Green Packet shares hit a high of four sen, with 150.84 million shares done.

At four sen, the company’s market capitalisation stood at about RM71.55 million.

Meanwhile, on Thursday, Green Packet via a bourse filing said that Leong Seng Wui, its second largest individual shareholder, had ceased to be a substantial shareholder, following the disposal of all his shares in the group on Monday and Tuesday.

Leong, who was also the group’s executive director prior to the disposal, owned 124.34 million shares, or 8.91% of the issued shares in Green Packet, which he acquired back on Jan 31, 2022. He was appointed as an executive director on Feb 10, 2022.

Leong disposed of 59 million shares on Monday for RM3.45 million, and 65.34 million shares on Tuesday for RM3.7 million.

Besides serving on Green Packet’s board, Leong has also been on the board of Revenue Group Bhd since Jan 17. He has also been on the board of Classita Holdings Bhd since June 15, 2022. Between May 30, 2018 and Oct 25, 2019, he served on the board of XOX Networks Bhd (previously known as Macpie Bhd).

The largest individual shareholder of Green Packet is Datuk Seri Lim Kok Han, with an 18.09% stake through Silver Peak Sdn Bhd. Lim first emerged as the largest shareholder on Oct 25, 2022, after he subscribed to 358.18 million shares through a private placement.

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Green Packet’s second largest individual shareholder Leong Seng Wui exits group