KUALA LUMPUR: Telco services provider Binasat Communications Bhd has started taking applications for its RM57.95mil initial public offering (IPO), involving 125.98 million shares.The IPO comprises 85.979 million public issue and 40 million offer for sale shares, for 46 sen a piece. The new and existing shares make up 33.1% and 15.4% of the enlarged share capital of 260 million shares.According to the prospectus, 13 million shares have been made available for balloting, with 50% of the shares set aside for Bumiputera investors.Another 13 million shares have been offered to eligible directors, employees and other individuals under the "Pink Form" tranche.59.979 million of the public issue shares and the 40 million offer for sale shares will be privately placed with selected investors.Applications for the offering end on Dec 26. Successful applicants will be alloted shares on Jan 4, 2018, while the listing of Binasat on the ACE Market of Bursa Malaysia will tentatively take place on Jan 8, 2018.Following the public issue and use of proceeds, Binasat will have total assets of RM80.14mil. Net assets per share and gearing will stand at 23.75 sen and 0.14 times respectively.Binasat said in its prospectus that it plans to enhance its operations and services, and expand into the region within 24 months of the listing.

Source: The Star December 13, 2017 05:38 UTC