KUALA LUMPUR: Opcom Holdings Bhd
’s wholly-owned subsidiary Opcom VC Sdn Bhd is expanding into the satellite communications space by acquiring 70 million shares, representing 18.03% equity interest, in Binasat Communications Bhd (Binacom) for RM39.2mil or 56 sen per share.
Johnson Chang, managing director of Opcom, said the fibre optic cables manufacturer and telecommunications network infrastructure firm would realise immense potential in the acquisition.
“We will not only expand our footprint in the telecommunications sector but also diversify into the power utilities business, a strategic move that will position us for continued growth and success,” he said in a statement.
The share sale agreement is expected to be completed by the first week of next month.
Binacom is an investment holding company with subsidiaries involved in the provision of support services for satellite, mobile and fibre optic telecommunications networks. It is also involved in engineering, procurement as well as the construction and commissioning of solar facilities.
