ACE Market-listed Binasat Communications Bhd has via its 51%-owned subsidiary Borderless Connection Sdn Bhd has inked a subcontract agreement for engineering works and equipment supply with Fabulous Sunview Sdn Bhd (FSSB) for the development of FSSB’s large scale solar photovoltaic (LSSPV) project in Selangor.
Additionally, the network engineering and services provider will also undertake civil construction, installation works, testing and commissioning jobs in the said project.
FSSB is a wholly owned subsidiary of Bursa Malaysia Ace Market listed Sunview Group Bhd.
A filing with Bursa Malaysia today shows that the Project entails a contract value of RM18.36 mil which is payable to Borderless Connection in accordance with the payment schedule based on the completed progress of the project.
The project’s is due for completion on Sept 30 while its scheduled commercial operation date is Dec 31.
“The subcontract agreement will not have any effects on the issued and paid-up share capital and the shareholding of the substantial shareholders of Binasat as it does not involve the issuance of ordinary shares in Binasat,” the company pointed out in a Bursa Malaysia filing.
“These latest business wins will contribute positively to Binasat’s future earnings. In addition, it signifies our clients’ sustained faith and confidence in the Group’s capabilities and ability to deliver.”
The Fabulous Sunview deal came on the back of another two projects that were sealed by Binasat with Binalite Electrical Engineering Sdn Bhd following the receipt of two letters of award on Jan 13.
The projects entail:
• Subcontract works for the project known as “Underground Cable 132KV Double Circuit from Bayan Lepas-Sungai Ara into Sungai Tiram, Penang” for RM14.16 mil; and
• Subcontract works for the project known as “Re-location works for 132KV Underground Cable Works Bayan Lepas-Sungai Ara No. 1 and No. 2 following implementation of the Sungai Tiram Flood Mitigation Project in Kampung Naran, Bayan Lepas, Penang by the Department of Irrigation and Drainage (JPS).
Very broadly, Binasat is principally involved in the provision of supporting services for the three major telecommunications network mediums in Malaysia, namely satellite, mobile and fibre optic telecommunications networks.
At 10.50am, Binasat was up 1 sen or 3.77% at 27.5 sen with 958,000 shares traded, thus valuing the company at RM107 mil. – Jan 18, 2023