Binasat Communications has announced that its Managing Director Mr Na Boon Aik, who is the director and substantial shareholder of the company, had today, 20 September 2023 entered into two Share Sale Agreements to dispose of his 73,436,751 ordinary shares and 36,718,375 warrants for a total consideration of RM46,632,337.
In an announcement to Bursa, the company said the disposal is expected to be completed by the first week of October 2023.
Na Boon Aik was appointed as the Managing Director of the Company on 6 June 2017. He started his career as a Mechanical and Electrical Trainee at Pan Asia Air-Cond & Electrical Engineering in 1978 and further built on his mechanical and electrical work experience when he was employed in Foo Electrical Works (Perkhidmatan Letrik Foo) from 1978 to 1980, Advance Electrical Service in Singapore from 1980 to 1982, and Kejuruteraan Letrik Song from 1982 to 1987.
In 1987, he started Lam Electrical Work, a mechanical and electrical engineering sole proprietorship. Lam Electrical Work was terminated in 2005. To cater to the growth of his mechanical and electrical works business, he subsequently established Binalite Electrical in 1997. From 1999, he also played an active role in providing management support to the business of Binacom Telesystem, a sole proprietorship established by his sibling Na Bon Tiam to carry out supporting services for satellite networks.
He ventured into the telecommunications industry in 2004 through Binasat Sdn Bhd together with his sibling, Na Bon Tiam to cater to the demand for telecommunications network support services in Malaysia.