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Economy

Binasat terminates Empire City property deal; vendor to refund RM32.19m

**Binasat ends Empire City property deal, vendor to refund RM32.19m** **PETALING JAYA (Aug 13):** Binasat Communications Bhd has mutually terminated its proposed acquisition of pr

Source: EdgeProp Malaysia · August 13, 2026 at 7:40 AM · AI-assisted report

Binasat terminates Empire City property deal; vendor to refund RM32.19m
Image: edgeprop.my

KUALA LUMPUR, 13 AUGUST 2026 —

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**Binasat ends Empire City property deal, vendor to refund RM32.19m**

Market Impact

**PETALING JAYA (Aug 13):** Binasat Communications Bhd has mutually terminated its proposed acquisition of properties in Empire City, Damansara, with the vendor agreeing to refund RM32.19 million.

In a Bursa Malaysia filing, the company said its wholly owned subsidiary Binasat Diversified Sdn Bhd (BDSB) and Casa Seroja Sdn Bhd (CASB) entered into the termination agreement on Aug 12, effective immediately.

CASB will refund RM20 million by Oct 31, 2026, and the remaining RM12.19 million by Dec 31, 2026. If any instalment is delayed, CASB will receive a 30-working-day extension without interest. Any unpaid amount after the extension will incur 8% annual interest, calculated daily.

The RM32.19 million refund comprises RM29.19 million already paid by Binasat and RM3 million in costs and expenses related to the proposed acquisition. Of the RM29.19 million, RM10.29 million was settled via consideration shares issued to CASB, RM11.54 million came from proceeds of Binasat’s private placement, and RM7.35 million was funded internally.

The filing does not specify whether the 49.02 million consideration shares issued to CASB will be returned, cancelled, or otherwise dealt with post-termination.

Binasat said the termination releases it from further cash obligations and allows the refund to be reallocated for new business ventures or other purposes. In May, the group had paid RM11.54 million of a RM33.83 million cash consideration, leaving RM22.29 million outstanding.

The RM21.83 million linked to consideration shares and private-placement proceeds represents a material variation to previously approved proposals. Binasat plans to seek shareholder approval for this variation in the first quarter of 2027, barring unforeseen circumstances. Upon receipt, the RM21.83 million will be held by BDSB’s solicitors in an interest-bearing account pending approval.

The termination is not expected to have a material impact on earnings per share or net assets per share, aside from the RM3 million reimbursement of costs and expenses.

Details not yet available on how the refund will affect Binasat’s financial planning or new business initiatives.

Related: Bursa Malaysia

Reporting based on EdgeProp Malaysia. Figures and claims are subject to revision as the story develops. DomainFork publishes editorial context, not investment advice — see our editorial standards.