KUALA LUMPUR, Aug 12 (Bernama) -- Binasat Communications Bhd's wholly owned subsidiary Binasat Digital Sdn Bhd (BDSB) will receive RM32.19 million from Cosmopolitan Avenue Sdn Bhd (CASB) following the mutual termination of the sale and purchase agreement (SPA) for Empire City.
In a filing with Bursa Malaysia today, Binasat said the refund comprised RM29.19 million, representing the aggregate consideration paid by the group towards the Empire City purchase to date, and RM3 million in costs and expenses incurred in connection with the acquisition.
It said the mutual termination was reached after considering, among other matters, the release of the group's obligation to pay the remaining cash balance and the recovery of the refund.
The termination will allow the group to reallocate the refund towards new businesses and/or other purposes to be determined by the company at a later date, which are expected to contribute positively to the group's future earnings.
"The board, having considered all aspects of the mutual termination, is of the opinion that the mutual termination is in the best interests of the group," it said.
Under the agreement, CASB will pay the RM32.19 million refund in two instalments -- RM20 million on or before Oct 31, 2026, and RM12.19 million on or before Dec 31, 2026.
-- BERNAMA
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