Business : Binasat Proposes Private Placement Of Up To 60.43 Mln Shares

Key points

• In a filing with Bursa Malaysia, the company said the gross proceeds from the proposed private placement are estimated at RM4.23 million, while RM21.83 million from the equity-funded portion of its previous placement and share issuance would be reallocated under a proposed variation in the utilisation of proceeds.
• Binasat said the board considers the proposed private placement the most appropriate fundraising option at this juncture, as it would enable the group to raise funds expeditiously for its intended purposes.
• The proposed private placement is also expected to contribute positively to the group’s cash flow and future earnings as the benefits of the utilisation of proceeds are realised.

Sentences selected automatically from the original article by Bernama.