Binasat records pre-tax profit of RM2.18 mln for 1Q

KUALA LUMPUR: Binasat Communications Bhd, scheduled for listing on Bursa Malaysia’s Ace Market on Jan 8 next year, recorded pre-tax profit and revenue of RM2.18 million and RM10.16 million respectively for the first quarter ended Sept 30, 2017.

In a filing to Bursa Malaysia, the telecommunication services provider said there were no comparative figures for the preceding year’s quarter, as this was the company’s first interim financial report on the consolidated results.

Moving forward, the company is looking to build a new teleport facility, as well as enhance operations, maintenance services and fibre optic installation and commissioning capabilities.

“We are also sourcing for business opportunities in Asean countries, particularly Vietnam, Myanmar and Laos.

“Barring u n fo r e s e e n circumstances, we expect the financial performance for the current year to be satisfactory,” it added.

In a statement yesterday, Malaysian Issuing House Sdn Bhd said Binasat’s shares received an oversubscription rate of 34.23 times for the 13 million shares made available for public subscription.

The public issue involved 85.98 million shares including the 13 million for the Malaysian public, 13 million for eligible directors and employees and 59.98 million made available by way of private placement.

The issuing house said Binasat’s offer for sale of 40 million existing shares would also be made available for application by way of private placement to selected investors. Both the issue and offer price would be at 46 sen a share. — Bernama