Reference is made to the proposed utilisation of proceeds raised from the proposed private placement of new ordinary shares of up to 20% of the total number of issued shares of the Company ("20% Private Placement") and completed the issuance and allotment of 270,321,000 new ordinary shares ("Shares") at an issue price of RM0.0381 per Share on 6 September 2021. The Company had raised a total proceeds of RM10.2 million from the 20% Private Placement ("Private Placement Proceeds").

To-date, the Company has yet to fully utilise the Private Placement Proceeds. The Company wishes to announce that the Board of Directors of DGB has resolved to extend the timeframe for the utilisation of proceeds for the upgrading of the Kimpton Da An Hotel ("Extenstion of Time").

A summary of the revised utilisation of proceeds is set out below:

Details of Utilisation

Amount of Proceeds

RM

Amount Utilised

RM

Amount Unutilised

RM

Initial Time Frame for Utilisation

Revised Time Frame

Upgrading of the Kimpton Da An Hotel

10,194

8,826

1,368

Within 24 months

Within 12 months from the expiry date until 6 September 2024.

Expenses in relation to the 20% Private Placement 

105

105

0

Immediate

-

Total

10,299

8,931

1,368

 -

 -

The Board is of the opinion that the Extension of Time is in the best interest of the Company. The Extension of Time is not subject to any regularly authorities or shareholders' approval.

Nonetheless, the Company shall continue to be vigilant and prudent in managing the Private Placement Proceeds and will continue to disclose the status of the utilisation in the Company's quarterly results and annual report until it is fully utilised.

This announcement is dated 5 September 2023.