KUALA LUMPUR (Nov 5): Hextar Capital Bhd (KL:HEXCAP) has increased its stake in Binasat Communications Bhd (KL:BINACOM) by 4.1% to 29.8%, according to a filing by the telecommunications support service provider on Wednesday (Nov 5).

Hextar Capital acquired 24.7 million shares on Wednesday through its wholly owned subsidiary Opcom VC Sdn Bhd. The transaction price was not disclosed in the filing but as per its closing price on Wednesday of 11 sen, the block of shares was estimated to be worth RM2.72 million.

Binasat's largest shareholder is businessman Datuk Eddie Ong Choo Meng, who controls the Hextar Group of companies, which has interests spanning chemicals, agriculture, industrial products and renewable energy.

Ong is also a major shareholder in several other listed entities including Hextar Global Bhd (KL:HEXTAR), Hextar Industries Bhd (KL:HEXIND), and Hextar Healthcare Bhd (KL:HEXCARE).

Earlier this year, Ong had trimmed his stake in Perak Transit Bhd (KL:PTRANS) and ceased to be a substantial shareholder in the company.

Opcom VC is principally involved in project management services, including the supply of cables, hardware and accessories, engineering consultation, information technology software and services management, the company said.

Hextar Capital had become the largest shareholder of Binacom after completing the acquisition of a controlling stake in January 2024.

Shares in Binacom closed down by half a sen or 4.35% to 11 sen at the closing bell on Wednesday, with a market capitalisation of RM66.5 million.

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