Binasat appoints adviser for IPO

KUALA LUMPUR: Binasat Communications Bhd has signed an underwriting agreement with Kenanga Investment Bank Bhd (Kenanga IB) for its proposed initial public offering (IPO) on the Ace Market of Bursa Malaysia.

Binasat is principally involved in the provision of telecommunication supporting services for satellite; mobile and fibre optic telecommunications networks.

“We believe that becoming listed will cre- ate opportunities and provide us the ability to enhance Binasat Communications’ corporate reputation as well as brand recognition,” said Binasat managing director Na Boon Aik in a statement.

Kenanga IB will act as the company's principal adviser, sponsor, underwriter and placement agent for the IPO.

The company, had on Oct 12, 2017, received approval from Bursa Securities for its proposed IPO.