Hextar Capital Bhd (HexCap), formerly known as Opcom Holdings Bhd, announced the completion of the acquisition of around 26.2 million ordinary shares, representing a 6.75% equity interest in Binasat Communication Bhd by its wholly-owned unit, Opcom VC Sdn Bhd (OVCSB).
“This strategic acquisition represents a pivotal achievement in the company’s growth and expansion strategy,” it said in a Bursa filing today (Jan 12).
HexCap said the 6.75% acquisition will enable OVCSB to increase its equity interest in Binacom from 18.03% to 24.78% currently.
“(This) shall enable the company to equity account for Binacom as its associate company. The investment in Binacom will have an accretive effect on the earnings of the company moving forward.
“It will be able to leverage on BINACOM as a separate platform to accelerate its expansion in the telecommunications sector and strengthen
the company’s position in tenders for future contracts.
“In addition, the company is able to realise further synergies through collaborations with BINACOM to leverage on each other’s resources and expertise to provide a more comprehensive suite of services to be offered to their existing customers or potential new customers,” it said.
HexCap managing director Johnson Chang expressed enthusiasm about this pivotal development, saying the the successful conclusion of this acquisition underscores its dedicated pursuit of strategic expansion and innovation.
“We are thrilled about the potential that the amalgamation of our businesses holds and the substantial value it is poised to offer to our customers, partners, and shareholders.
“Our collective strength positions us favourably to instigate transformative advancements in the telecommunications sector,” it said.
It added the company expresses gratitude to all parties involved in making this acquisition a reality, including its employees, customers, partners, regulatory bodies, and the Binacom team for their continued support throughout this process.
