Binasat disposes of 51% stake in utility construction firm Borderless Connection for RM5.92mil

KUALA LUMPUR: Binasat Communications Bhd has inked a deal to dispose of 510,000 shares representing a 51% stake in Borderless Connection Sdn Bhd to Susjaya Sdn Bhd for RM5.92mil cash.

Borderless Connection is primarily engaged in the provision of utilities infrastructure services where it undertakes transmission and distribution network utility construction services, as well as in the engineering, procurement, construction and commissioning (EPCC) of solar facilities.

"The proposed disposal is a good opportunity for Binasat to unlock the value of its investment in Borderless Connection, and the sale consideration will contribute positively to the cash flow position of Binasat," said the group.