KUALA LUMPUR: Binasat Communications Bhd
’s wholly-owned subsidiary Binasat Digital Sdn Bhd (BDSB) will receive RM32.19mil from Cosmopolitan Avenue Sdn Bhd (CASB) following the mutual termination of the sale and purchase agreement (SPA) for Empire City.
In a filing with Bursa Malaysia, Binasat said the refund comprised RM29.19mil, representing the aggregate consideration paid by the group towards the Empire City purchase to date, and RM3mil in costs and expenses incurred in connection with the acquisition, as reported by Bernama.
It said the mutual termination was reached after considering, among other matters, the release of the group’s obligation to pay the remaining cash balance and the recovery of the refund.
The termination will allow the group to reallocate the refund towards new businesses and/or other purposes to be determined by the company at a later date, which are expected to contribute positively to the group’s future earnings.
