Binasat Proposes Private Placement Of Up To 60.43 Mln Shares

KUALA LUMPUR, Oct 13 (Bernama) -- Telecommunications engineering solutions provider Binasat Communications Bhd has proposed a private placement of up to 60.43 million new shares, representing up to 10 per cent of its total issued shares, to third-party investors to raise funds.

In a filing with Bursa Malaysia, the company said the gross proceeds from the proposed private placement are estimated at RM4.23 million, while RM21.83 million from the equity-funded portion of its previous placement and share issuance would be reallocated under a proposed variation in the utilisation of proceeds.

This would bring the total funds involved to RM26.06 million, of which RM25.75 million is earmarked for the proposed utilisation of proceeds.

The company said the RM25.75 million in proceeds is expected to be utilised within 24 months. The estimated expenses for the proposed private placement amount to RM150,000, while expenses related to the proposed variation are expected to be incurred immediately.

Binasat said the board considers the proposed private placement the most appropriate fundraising option at this juncture, as it would enable the group to raise funds expeditiously for its intended purposes.

The proposed private placement is also expected to contribute positively to the group’s cash flow and future earnings as the benefits of the utilisation of proceeds are realised.

Binasat said the proposed variation relates to proceeds from its private placement announced on Dec 4, 2024, which was completed on Sept 11, 2025, involving the issuance of 128.14 million shares, as well as consideration shares issued in connection with the acquisition of 241 fully furnished hotel suites at Empire City in Selangor.

-- BERNAMA