Binasat Communications makes strong debut on Bursa Malaysia

PETALING JAYA: The first listing on Bursa Malaysia this year - Binasat Communications Bhd saw a premium of as much as 19 sen or 41.3% in early trade today.

At 10.40am, its shares were up 14 sen or 30.4% on some 52.38 million shares done. It was among the most actively traded stocks this morning.

Binasat, which is listed on the Ace Market, is involved in the provision of telecommunication supporting services for satellite as well as mobile and fibre optic telecommunications networks.

At an issue of 46 sen per share, the company has raised total gross proceeds of RM39.55 million based on the retail offering of 13 million shares.