Binasat's BDSB gets fourth extension on RM33.83 mil cash payment for SBP and Empire City acquisitions, RM22.29 mil still outstanding

PETALING JAYA (May 16): Binasat Communications Bhd has secured a further three-month extension for the settlement of its outstanding cash payment obligations under its multi-pronged property acquisition and diversification proposals, pushing the new deadline to August 16 from the previous May 17.

According to a Bursa Malaysia filing yesterday, the extension was mutually agreed between BDSB — Binasat's acquiring entity — and CASB, the counterparty for the cash payment tranche. 

Of the total cash payment of approximately RM33.83 million, BDSB has to date paid RM11.54 million, leaving a balance of approximately RM22.29 million still outstanding.

The proposals — first announced in December 2024 — span four interconnected transactions: the acquisition and leasing of SBP Properties, the acquisition of Empire City Properties, a corporate diversification into property, and a private placement to fund the exercise. 

The breadth of the proposals reflects Binasat's strategic pivot from its core communications and satellite services business into property ownership and management, anchored by assets in the established Empire City precinct in Damansara Perdana and the SBP portfolio.

The announcement trail spans 23 prior filings since December 2024. The proposals cover four interconnected transactions — the acquisition and leasing of SBP Properties, the acquisition of Empire City Properties, a corporate diversification into property, and a private placement to fund the exercise.

At RM11.54 million paid against a RM33.83 million obligation, BDSB has settled approximately 34% of its cash payment liability. 

When the previous extension was granted in November 2025, RM9 million had been paid — meaning only RM2.54 million was settled across the six-month period between November 2025 and May 2026. 

The remaining RM22.29 million must now be settled in full by August 16.

The filing does not disclose the source of funding for the balance, nor whether the private placement proceeds have been deployed or are earmarked for this purpose.

The extension to August 16 is the fourth time the cash payment deadline has been rolled over since the proposals were first announced in December 2024.

If BDSB settles the RM22.29 million balance in full by that date, conditions for the SBP and Empire City acquisitions should be closer to fulfilment and a completion announcement would follow. 

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