Reference is made to the Company’s announcements dated 29 May 2019, 30 May 2019, 3 June 2019, 4 October 2019 and 17 October 2019 in relation to the Private Placement (“Announcements”). Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as defined in the Announcements.

On behalf of the Board, HLIB wishes to announce that the Private Placement has been completed following the listing of and quotation for 46,500,000 Placement Shares on the Main Market of Bursa Securities on 18 October 2019.

Pursuant to the Private Placement, a total of 46,500,000 Placement Shares were placed out in one (1) tranche at RM0.22 per Placement Share, raising gross proceeds of RM10.23 million. The gross proceeds raised from the Private Placement is to be used in the following manner:

Further information on the use of proceeds is as follows:

(i) Working capital

The working capital requirements of the Group include, but are not limited to, payment of trade/non-trade creditors and/or operating and administration expenses. Operating and administration expenses include but are not limited to personnel expenses, marketing and distribution expenses as well as corporate and statutory expenses. The amount of proceeds to be allocated for each of the working capital requirements stated above cannot be ascertained at this juncture as it is dependent upon the operating requirements of the Group at that point in time.

(ii) Estimated expenses

The estimated expenses for the Private Placement comprise professional fees, fees payable to authorities and other miscellaneous expenses.

Any surplus or shortfall of the estimated expenses for the Private Placement will be adjusted accordingly to or from the portion allocated for working capital.

Pending the use of proceeds from the Private Placement in the manner set out above, the proceeds will be placed in interest bearing deposits with financial institutions or short-term money market instruments as the Board may deem fit. Such interests gained will be used as additional general working capital for the Group.

This announcement is dated 18 October 2019.