KUALA LUMPUR: Green Packet Bhd has aborted a plan to issue RM328mil new rights shares with free warrants, citing weak market condition.

       It has instead proposed to raise up to RM48.9mil by placing out new shares in the company.

       The company, in its filings with Bursa Malaysia today, said the private placement exercise would be necessary in order to raise additional funds expeditiously to meet its working capital requirement.

       Green Packet said that the company is investing in innovative new products and services to turnaround its operations.

       This, coupled with the gross proceeds to be raised from the proposed private placement, will help the company "to turnaround its financial performance in the near future." it said.