BINASAT SHARE OFFER OVERSUBSCRIBED 34 TIMES

PETALING JAYA: Binasat Communications Bhd’s initial public offering (IPO) has been oversubscribed by 34.23 times. The IPO involves a total offer of up to 125.98 million new shares at an offer price of 46 sen per share. The telco services provider said a total of 10,465 applications for 458.02 million new shares were received from the Malaysian public for a total of 13 million new shares available for public subscription. Meanwhile, a total of 5,946 applications for 199.49 million new shares were received for the bumiputra category, an oversubscription rate of 29.69 times.