Binasat buys majority stake in solar contractor for RM18.36mil

KUALA LUMPUR: Binasat Communications Bhd is venturing into the solar energy business with the purchase of a 51% stake in Borderless Communications Sdn Bhd (BCSB) for RM18.36mil.

The company, in a filing with Bursa Malaysia today, said it will pay RM5.36mil cash, while the remaining RM13mil will be settled via the issuance of 37.14 million new shares at 35 sen each to sellers Nik Abdul Hakim Abd Razak and Mohd Solehuddin Yahya.