The Malaysian-based Binasat Communications is planning to sell around RM 5.8m ($1.3m) of shares to fund a new data center at its upcoming satellite ground station.
To bankroll the development, Binasat has earmarked around RM 4m ($920,000) to build the project. The company will be putting up around 26 million new shares, or 10 percent of its total number of issued shares. According to the company, the shares will be up for grabs in several tranches over six months.
Binasat has assumed a price of 22.32 sen (5 cents) per share.
In March 2019, Binasat expanded its business through the development of a new ground station, which is expected to be finished later this year.
"Satellite-based communication technology has gained much importance in the past few years, especially following the roll out of the 5G network development," a Binasat spokesperson said.
"With the installation of a new data center, the group will be able to handle a greater flow of data at a faster pace."