Binasat terminates Empire City property deal; vendor to refund RM32.19m
Binasat Communications Bhd terminated its proposed acquisition of Empire City properties in Damansara and secured a RM32.19 million refund from the vendor.
Source: EdgeProp Malaysia · August 13, 2026 at 7:40 AM · AI-assisted report
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KUALA LUMPUR, 13 AUGUST 2026 —
Binasat Communications Bhd terminated its proposed acquisition of Empire City properties in Damansara and secured a RM32.19 million refund from the vendor.
Market Impact
In a Bursa Malaysia filing, the group said its unit Binasat Diversified Sdn Bhd and Casa Seroja Sdn Bhd signed a mutual termination agreement on Aug 12, ending the sale and purchase deal immediately. The refund comprises RM29.19 million already paid by the group and RM3 million in costs and expenses incurred.
Casa Seroja will repay RM20 million by Oct 31, 2026, and the remaining RM12.19 million by Dec 31, 2026. Late payments receive a 30-working-day grace period without interest; any balance outstanding after that incurs 8% annual interest, calculated daily.
Of the RM29.19 million already paid, RM10.29 million was settled with 49.02 million consideration shares, RM11.54 million came from a private placement, and RM7.35 million used internally generated funds. The filing did not state whether the consideration shares will be returned or cancelled.
Binasat said the termination cancels its remaining cash obligation and frees the refund for reinvestment. In May, the group disclosed it had paid RM11.54 million of a RM33.83 million cash consideration, leaving RM22.29 million outstanding.
The RM21.83 million tied to shares and private-placement proceeds represents a material variation to earlier proposals approved by shareholders. Binasat plans to seek fresh approval in the first quarter of 2027, and upon receipt, the RM21.83 million will be held by the unit’s solicitors in an interest-bearing stakeholder account pending the vote.
The company expects no material impact on earnings per share or net assets per share beyond the RM3 million cost reimbursement.
Related: Bursa Malaysia