Satellite network support service provider Binasat eyes listing

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KUALA LUMPUR: Binasat Communications Bhd, which installs and maintains satellite communications systems, has received approval from Bursa Malaysia Securities for its proposed initial public offering (IPO).

In a statement, the company said it had also signed an underwriting agreement with Kenanga Investment Bank Bhd (Kenanga IB) for its proposed listing on the Ace Market of Bursa Malaysia.

Kenanga IB will act as its principal adviser, sponsor, underwriter and placement agent for the IPO exercise. 

Binasat is mainly involved in providing telecommunication supporting services for satellite, mobile and fibre optic telecommunications networks.

It provides operations and maintenance services for about 4,500 VSAT (Very Small Aperture Terminal) ground stations (of which about 1,750 are VSAT ground stations at petrol stations) and about 10,500 base transceiver station sites for mobile networks.