The Board of Directors of Naim Holdings Berhad (“NAIM” or “the Company”) wishes to announce that the Company had decided to extend the timeframe for the utilisation of proceeds from the Disposal. This announcement is made pursuant to paragraph 9.19(47)(a) of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”).

On 6 October 2020, the Company obtained approval from its shareholders for the Disposal. The Disposal was completed on 21 October 2020.

The Board has decided to extend the timeframe for the utilisation of the remaining unutilised proceeds from the Disposal allocated for capital investment segment for an additional 24 months (i.e. up to 20 October 2024) (“Extended Timeframe”). The details of the Extended Timeframe are as follows:

Note:-

1. The additional timeframe for 24 months for the utilisation of the proceeds for capital investment of RM15 million is to enable the Company to carry out detailed technical and economic feasibility studies on the proposed new capital investment. 

The extension of timeframe for the utilisation of Disposal proceeds is not subject to any approvals from Bursa Securities and shareholders of the Company. Nevertheless, the Board shall continue to be vigilant and prudent in managing the Disposal proceeds and will continue to disclose the status of the utilisation of proceeds in the Company's annual reports until it is fully utilised.

This announcement is dated 25 August 2022.