DGB

0.105

-0.005 (-4.5%)

OTHERS DGB ASIA BERHAD ("DGB" OR "THE COMPANY") - EXTENSION ON TIMEFRAME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE PRIVATE PLACEMENT INVOLVING 270,321,000 NEW ORDINARY SHARES OF DGB

DGB ASIA BERHAD

Type Announcement
Subject OTHERS
Description
DGB ASIA BERHAD ("DGB" OR "THE COMPANY")

- EXTENSION ON TIMEFRAME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE PRIVATE PLACEMENT INVOLVING 270,321,000 NEW ORDINARY SHARES OF DGB
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.





Announcement Info

Company Name DGB ASIA BERHAD
Stock Name DGB
Date Announced 05 Sep 2023
Category General Announcement for PLC
Reference Number GA1-17072023-00012