The Board of Directors of NPS (“Board”) wishes to announce that the Company proposes to vary the utilisation of proceeds raised from the Company’s listing on the LEAP Market of Bursa Malaysia Securities Berhad on 9 March 2018.

The details and status of the utilisation of proceeds of RM2.46 million as at 15 January 2020 are as follows:

Note:

1. In view that the actual listing expenses are lower than estimated, the excess has been utilised for working capital purposes.

As disclosed in the Information Memorandum dated 2 February 2018, the proceeds allocated for future business expansion of RM500,000 mainly comprised the costs to set up new offices in Taiwan and Indonesia such as renovation costs, purchase of computer and relevant software as well as other office equipment. Upon further deliberation by the management of NPS, they are of the view that a co-sharing office management will be more cost effective for NPS at this juncture. Hence, NPS has planned to enter into a rental arrangement in the first quarter of 2020 to rent a co-sharing office unit in Taichung City for its Representative Office in Taiwan.  As renovation is not permitted and common facilities are provided for under co-sharing office arrangement, thus no proceeds are being utilised. The other capital expenditure for the new office in Taiwan is not expected to have material impact on the earning per share, net assets per share, gearing, share capital and substantial shareholders’ shareholdings of NPS.

Additionally, in view of the global economy uncertainties, the Board has decided to defer its plan to set-up office in Indonesia for the financial year ending 31 December 2020 and shall only revisit such plan in future. Any such expansion plan in future shall be funded via its internally generated fund. Meanwhile, NPS is still able to explore any business opportunities in Indonesia via the head offices in Malaysia.

Premised on the above, the Board has decided to re-allocate the proceeds of RM500,000 previously earmarked for future business expansion to the working capital of NPS and its subsidiaries.

The change of utilisation of proceeds is not subject to any regulatory or shareholders’ approvals.

This announcement is dated 15 January 2020.