Circulars

7 September 2021
CIRCULAR TO SHAREHOLDERS IN RELATION TO THE (I) PROPOSED ACQUISITION BY BINASAT COMMUNICATIONS BERHAD ("BINASAT") OF 255,000 ORDINARY SHARES IN BORDERLESS CONNECTION SDN. BHD. ("BCSB"), REPRESENTING 51% EQUITY INTEREST IN BCSB FOR A PURCHASE CONSIDERATION OF RM18,360,000 TO BE SATISFIED VIA A COMBINATION OF RM5,360,000 IN CASH AND RM13,000,000 VIA THE ISSUANCE OF 37,142,856 NEW ORDINARY SHARES IN BINASAT AT AN ISSUE PRICE OF RM0.35 EACH ("PROPOSED ACQUISITION"); AND (II) PROPOSED DIVERSIFICATION OF THE PRINCIPAL ACTIVITIES OF BINASAT AND ITS SUBSIDIARIES TO INCLUDE PROVISION OF UTILITIES INFRASTRUCTURE SERVICES INCLUDING TRANSMISSION AND DISTRIBUTION NETWORK UTILITY SERVICES AS WELL AS ENGINEERING, PROCUREMENT, CONSTRUCTION AND COMMISSIONING OF SOLAR PHOTOVOLTAIC FACILITIES ("PROPOSED DIVERSIFICATION")