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MULTIPLE PROPOSALS BINASAT COMMUNICATIONS BERHAD ("BINASAT" OR "COMPANY") I. PROPOSED ACQUISITION; AND II. PROPOSED DIVERSIFICATION (REFERRED TO AS "PROPOSALS", COLLECTIVELY)

BINASAT COMMUNICATIONS BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
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.



Please refer attachment below.



Announcement Info

Company Name BINASAT COMMUNICATIONS BERHAD
Stock Name BINACOM
Date Announced 23 Jun 2021
Category General Announcement for PLC
Reference Number GA1-21062021-00055




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