KUALA LUMPUR: Reach Ten Holdings Bhd has invested US$1mil (about RM4mil) in Space Exploration Technologies Corp (SpaceX) via a fund managed by Alta Fund Management.
In a statement, the Sarawak-based telecommunications service provider said the investment in the Elon Musk-controlled aerospace and satellite communications company was made in Alta's AAF4 Class A-4 Participating Shares, which provides the company with an estimated indirect exposure of about 4,167 SpaceX shares.
The group’s investment was made at an estimated entry price of US$240 per share, equivalent to approximately US$48 per share on a post-split basis.
Based on SpaceX’s IPO reference price of approximately US$135 per share, the indicative value of the underlying exposure would be approximately US$2.81mil.
According to Reach Ten, the investment complements its existing commercial relationship with SpaceX through Starlink and reinforces the group’s commitment to the rapidly growing satellite communications sector.
Managing director Leo Chin said the group sees strong long-term opportunities arising from the continued expansion of satellite-enabled communications worldwide.
"This investment enables Reach Ten to gain exposure to one of the world’s most innovative technology companies while complementing our existing role within the Starlink ecosystem.
"It aligns with our strategy of creating long-term shareholder value while strengthening our position within the evolving telecommunications and satellite connectivity value chain,” he said.