Reference is made to the proceeds raised from the initial public offering (“IPO”) as disclosed in the Company’s Prospectus dated 1 October 2020 issued in conjunction with the listing of the Company on the ACE Market of Bursa Malaysia Securities Berhad on 20 October 2020. The Company has raised total gross proceeds of RM46.16 million from the IPO (“IPO Proceeds”).
As at the date of this announcement, the Company has yet to fully utilise the IPO Proceeds. The Board of Directors of AJH (“Board”) wishes to announce that it has deliberated and resolved to extend the time frame for the utilisation of IPO Proceeds (“Extension of Time”) which have been earmarked for repayment of borrowings. The details of the Extension of Time are set out below:-
Details of utilisation
|
Intended utilisation
RM’000
|
Amount utilised
RM’000
|
Balance to be utilised
RM’000
|
Estimated time frame for utilisation of IPO Proceeds (from the listing date)
|
Revised time frame for utilisation
of IPO Proceeds
(from the listing date)
|
Purchase of new rotary drilling rigs and crawler crane
|
17,300
|
-
|
17,300
|
Within 36 months
|
-
|
Repayment of borrowings
|
24,264
|
16,000
|
8,264
|
Within 3 months
|
Within 5 months
|
Estimated listing expenses
|
4,600
|
4,600
|
-
|
Within 3 months
|
-
|
Total
|
46,164
|
20,600
|
25,564
|
-
|
-
|
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 approval from any regulatory authorities or the Company’s shareholders.
The Company shall continue to be vigilant and prudent in managing the remaining IPO Proceeds and will continue to disclose the status of the utilisation of proceeds in its quarterly results and annual reports until their full utilisation.
This announcement is dated 29 January 2021.