BINASAT COMMUNICATIONS BERHAD ("BINASAT" OR "COMPANY") I. PROPOSED ACQUISITION; AND II. PROPOSED DIVERSIFICATION (REFERRED TO AS "PROPOSALS", COLLECTIVELY)
On behalf of the Board of Directors of Binasat (“Board”), TA Securities Holdings Berhad (“TA Securities”) wishes to announce that the Company had on 23 June 2021 entered into a conditional share sale agreement (“SSA”) with Nik Abdul Hakim Bin Abd Razak and Mohd Solehuddin Bin Yahya (each a “Vendor” and together the “Vendors”) for the proposed acquisition of 255,000 ordinary shares in Borderless Connection Sdn. Bhd. (“BCSB”) (“BCSB Shares” or “Sale Shares”), representing 51% equity interest in BCSB, for a purchase consideration of RM18,360,000 (“Purchase Consideration”), to be satisfied via a combination of RM5,360,000 in cash (“Cash Consideration”) and RM13,000,000 via the issuance of 37,142,856 new ordinary shares in Binasat (“Binasat Shares” or “Shares”) at an issue price of RM0.35 each (“Consideration Shares”) (“Proposed Acquisition”). In conjunction with the Proposed Acquisition, the Company proposes to undertake a proposed diversification of the principal activities of Binasat and its subsidiaries (“Binasat Group” or “Group”) to include provision of utilities infrastructure services including transmission and distribution network utility services as well as engineering, procurement, construction and commissioning (“EPCC”) of solar photovoltaic (“PV”) facilities (“Proposed Diversification”). Please refer to the attachment for further details of the Proposals. This announcement is dated 23 June 2021.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Haziq Bachok
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Posted by Haziq Bachok > 2021-05-04 14:39 | Report Abuse
What happen to this counter