KUALA LUMPUR, Jan 8 — In the first listing of 2018, Binasat Communications Berhad (Binasat Communications) made it debut on the ACE Market of Bursa Securities at RM0.60.
The opening price at 9am was an increase from its reference price of RM0.46.
Binasat Communications Managing Director Na Boon Aik said the response of the company's Initial Public Offering (IPO) was well-received, with its retail tranche of 13 million new shares applied by the Malaysian Public registering an oversubscription rate of 34.23 times.
“We have successfully raised total gross proceeds of RM39.55 million, based on retail offering of 13 million issue shares based on the IPO price of RM0.46 per share,” he said.
Binasat Communications' group of companies are principally involved in the provision of telecommunication supporting services for satellite, mobile and fibre optic telecommunications networks.
It comprises installation and commissioning of satellite ground stations at sites, satellite hubs at teleports, installation and commissioning of mobile network requirement, and laying of fibre optic cables and install network equipment.
* Editor's note: A previous version of this article incorrectly reported Binasat Communications debuting with 12 sen premium. It has since been corrected.
