Opcom To Acquire 18.03 Pct Stake In Binasat For Rm39.2 Mln

KUALA LUMPUR, Sept 20 (Bernama) -- Opcom Holdings Bhd is expanding into the satellite telecommunications sector following its wholly-owned subsidiary, Opcom VC Sdn Bhd’S (OVSB), proposed acquisition of 70 million shares, or an 18.03 per cent equity stake, in Binasat Communications Bhd.

In a statement to Bursa Malaysia, the company said that OVSB will acquire the sale shares for a total purchase consideration of RM39.2 million, representing RM0.56 per sale share.

Opcom managing director Johnson Chang said the acquisition has immense potential as Binasat has a solid reputation for excellence in providing crucial support services to the telecommunications landscape.

“With this acquisition, we not only expand our footprint in the telecommunications sector but also diversify into the power utilities business, a strategic move that positions us for continued growth and success,” he said.

Meanwhile, Binasat managing director Na Boon Aik believes that the company can deliver even greater value to clients and stakeholders through the partnership.

“We are committed to a seamless integration process and are excited about the possibilities ahead together,” he said. 

Binsat is an investment holding company with subsidiaries primarily involved in providing support services for satellite, mobile and fibre optic telecommunications networks, transmission and distribution network utility infrastructure construction services, and engineering, procurement, construction and commissioning (EPCC) of solar facilities.

The share sale agreement (SSA) is expected to be completed by the first week of October 2023.

-- BERNAMA