Binasat's unit to receive RM32.19mil refund after Empire City SPA termination
KUALA LUMPUR: Binasat Communications Bhd's wholly owned subsidiary Binasat Digital Sdn Bhd will receive RM32.19 million from Cosmopolitan Avenue Sdn Bhd following the mutual termination of the sale and purchase agreement for Empire City.
Binasat Communications Bhd's subsidiary, Binasat Digital Sdn Bhd, is set to receive a RM32.19 million refund from Cosmopolitan Avenue Sdn Bhd after the mutual termination of the sale and purchase agreement for Empire City. The refund, comprising RM29.19 million in consideration paid to date and RM3 million in acquisition-related costs, will be distributed in two installments by Cosmopolitan Avenue.
The mutual termination, approved by the group's board, allows Binasat to reallocate the funds towards new businesses or other purposes to further the company's future earnings.
Brief written by urgent.news from New Straits Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
