Binasat seeks RM4.23 million through proposed share placement
The proposal covers up to 60.43 million new shares, alongside a plan to reallocate RM21.83 million from earlier equity fundraising.
Binasat Communications Bhd is proposing to raise an estimated RM4.23 million by placing up to 60.43 million new shares with third-party investors. The telecommunications engineering solutions provider said in a Bursa Malaysia filing that the shares would represent up to 10 per cent of its existing issued shares.
Alongside the placement, Binasat wants to revise the allocation of RM21.83 million drawn from the equity-funded portion of an earlier placement and share issuance. It said the two proposals would involve RM26.06 million, with RM25.75 million designated for the proposed uses.
The reallocation concerns funds linked to an earlier placement involving 128.14 million shares. That exercise was announced on Dec 4, 2024 and concluded on Sept 11, 2025. It also covers consideration shares connected to the purchase of 241 hotel suites at Empire City in Selangor, all fully furnished.
Binasat expects to deploy the RM25.75 million within 24 months. It estimates placement costs at RM150,000 and expects costs for the proposed reallocation to arise immediately.
The company said its board favours the placement as the most appropriate way to obtain funds quickly at this stage. Binasat also expects the use of the proceeds to benefit its cash flow and future earnings.
