BinaSat Communications Bhd has mutually agreed to terminate its agreement to acquire properties at Empire City, Petaling Jaya, with the group set to recover RM32.19 million from the transaction.
The telecommunications infrastructure and services group said its wholly-owned subsidiary BDSB and CASB had on Aug 12, 2026 entered into a mutual termination agreement to terminate the Empire City sale and purchase agreement.
Under the agreement, CASB will refund BDSB a total of RM32.19 million, comprising RM29.19 million in aggregate consideration already paid by the group towards the acquisition and RM3 million in costs and expenses incurred in connection with the transaction.
BinaSat said the mutual termination was reached after taking into consideration the release of the group from its obligation to pay the remaining balance of the cash consideration, as well as its ability to recover the RM32.19 million.
The board, after considering all aspects of the termination, said it believed the move was in the best interests of the group.
The Empire City SPA was terminated with effect from Aug 12, 2026.
