Incorporation of New Subsidiary in Jakarta

Global Invacom

15/07/2019 10:15

RNS Number : 5118F

Global Invacom Group Limited

15 July 2019

 

 

Global Invacom Group Limited

("Global Invacom", the "Company" or the "Group")

Incorporation of New Subsidiary in Jakarta

 

Singapore/London, 15 July 2019 - Global Invacom (SGX: QS9) (AIM: GINV), the global provider of satellite communications equipment, is pleased to announce the incorporation of a new subsidiary in Jakarta, PT Global Invacom Indonesia ("GI2"), to support new sales and marketing activities across the APAC region.

 

This physical presence in Indonesia through a Perseroan Terbatas ("PT"), or limited liability company, significantly improves the Group's ability to address its core market directly. GI2 will be led by Johann Panait, Director of Sales & Business Development, Asia and India. Global Invacom remains keenly focused on broadening its sales footprint in Asia, which generated an annual revenue of US$5.2 million for the Group in the financial year ended 31 December 2018.

 

GI2 will be able to apply in its own right for the required DGPOSTEL licences and type approvals in Indonesia. This will enable the Group to target major local broadband projects like BAKTI (Badan Aksesibilitas Telekomunikasi dan Informasi), which is set to provide coverage for approximately 145,000 public sites across Indonesia, including schools, hospitals and government offices, with an expected capacity of at least 150 Gbps.

 

The Jakarta subsidiary is incorporated with a paid-up capital of IDR 2,500,000,000 (approx. US$175,000) consisting of 25,000 shares. The incorporation is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Global Invacom for the financial year ending 31 December 2019.

 

The global satellite communications market continues to expand and is estimated to grow to over US$30 billion by 2022.  With renewed interest in the commercial opportunities in Data over Satellite, which underpin SpaceX's Elon Musk with his Starlink fleet and Amazon's Jeff Bezos with his planned launches, the broader appeal of advanced, energy efficient and cost-effective communications systems continues to gather significant momentum.

 

Tony Taylor, Executive Chairman of Global Invacom, commented:

 

"We are delighted to have made significant progress in strengthening our sales and marketing function in Asia, which we believe has the potential to unlock value for the Group. Demand for satellite communications equipment remains strong and we will continue to focus on both strengthening and broadening our sales footprint globally."

 

 

For further information, please contact:

 

Global Invacom Group Limited
www.globalinvacom.com
Matthew Garner, Chief Financial Officer
Tel: +65 6431 0782
Tel: +44 203 053 3523
finnCap Ltd (Nominated Adviser and Joint Broker)
www.finncap.com
Christopher Raggett / Matthew Radley (Corporate Finance)
Tel: +44 207 220 0500
Mirabaud Securities LLP (Joint Broker)
www.mirabaud.com
Peter Krens (Equity Capital Markets)
Tel: +44 207 878 3362
WeR1 Consultants Pte Ltd (Singapore Investor Relations)
www.wer1.net
Jordan Teo / Ryan del Agua
Tel: +65 6737 4844
ginv@wer1.net
Vigo Communications (UK Media & Investor Relations)
www.vigocomms.com
Jeremy Garcia / Fiona Henson / Charlie Neish
Tel: +44 207 830 9701
ginv@vigocomms.com


 

 

About Global Invacom Group Limited

 

Global Invacom is a fully integrated satellite equipment provider with six manufacturing plants across China, Israel, Malaysia, UK and the US. Its customers include satellite broadcasters such as BSkyB of the UK and Dish Network of the USA and Data over Satellite providers including Hughes Network Systems, Viasat and Gilat Satellite Networks.

 

Global Invacom provides a full range of antennas, LNB receivers, transceivers, fibre distribution equipment, transmitters, switches and video distribution components and electronics manufacturing services in satellite communications as well as manufacturing services in military, medical, and consumer electronics industries. Following the acquisition in 2015 of Global Skyware, a leading US-based designer and supplier of satellite antennas products and services, the Company became the world's only full-service outdoor unit supplier.

 

Global Invacom is listed on the Mainboard of the Singapore Exchange Securities Trading Limited and its shares are admitted to trading on the AIM Market of the London Stock Exchange.

 

For more information, please refer to www.globalinvacom.com

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

 

END

 

 

MSCCKPDQOBKKBOD