Opcom announced that its wholly-owned subsidiary entered into a Share Sale Agreement with Binasat Managing Director Na Boon Aik, and a major shareholder of the company to acquire 70,000,000 shares in the company representing an 18.03% equity stake.
Opcom will be acquiring the shares for a total purchase consideration of RM39.2 million representing RM0.56 per Sale Shares, Binasat issued a statement today on the share sale by Mr Na to Bursa.
Binacom is an investment holding company with subsidiaries primarily involved in the provision of support services for satellite, mobile, and fibre optic telecommunications networks, transmission and distribution network utility infrastructure construction services, as well as engineering, procurement, construction, and commissioning of solar facilities. Key clients comprise major local and foreign telecommunications network providers, telecommunication equipment manufacturers as well as entities from the enterprise and Government sectors. As a holder of Network Facilities Provider (“NFP”) / Network Service Provider (“NSP”) and Applications Service Provider licences, BINACOM Group has been awarded contracts to set up over 275 Very Small Aperture Terminals targeted at underserved areas in Kelantan and Pahang.
In addition, BINACOM Group has been actively participating in delivering Point of Presence projects and currently has an order book of circa RM 50 mil.
Mr. Johnson Chang, the Managing Director of OPCOM, expressed enthusiasm about this significant development, stating, “We see immense potential in this acquisition. BINACOM has a solid reputation for excellence in providing crucial support services to the telecommunications landscape. With this acquisition, we not only expand our footprint in the telecommunications
sector but also diversify into the power utilities business, a strategic move that positions us for continued growth and success.”
Mr. Na Boon Aik said we believe that through the partnership, we can deliver even greater value to our clients and stakeholders. We are committed to a seamless integration process and are excited about the possibilities ahead together.”
The Share Sale Agreement is expected to be completed by the first week of October 2023. OPCOM is dedicated to ensuring a seamless transition and maintaining the exceptional service quality that both OPCOM and BINACOM are renowned for.
