Binasat proposes private placement to raise RM23mil

PETALING JAYA: Binasat Communications Bhd has proposed to undertake a private placement to raise up to RM23.3mil for working capital and to enhance its fibre optic network installation and commissioning service capability.

In its filing with Bursa Malaysia, the company said the proposed exercise would entail up to 64.72 million new ordinary shares in Binasat, representing not more than 20% of the total number of issued shares of the company to third party investors to be identified later at an issue price to be determined later.