VSOLAR

0.100

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OTHERS VSOLAR GROUP BERHAD (VSOLAR OR THE COMPANY) EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM PRIVATE PLACEMENT OF 210,163,000 NEW ORDINARY SHARES IN VSOLAR (PRIVATE PLACEMENT)

VSOLAR GROUP BERHAD

Type Announcement
Subject OTHERS
Description
VSOLAR GROUP BERHAD (VSOLAR OR THE COMPANY) 
EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM PRIVATE PLACEMENT OF 210,163,000 NEW ORDINARY SHARES IN VSOLAR (PRIVATE PLACEMENT)

(For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcement dated 4 November 2020 in relation to the Private Placement, where applicable, unless stated otherwise or defined herein.)

 

The Board of Directors of Vsolar (Board) wishes to inform that as at 20 November 2023, the Company has yet to fully utilise the proceeds raised from the Private Placement and the Board requires additional time to utilise the balance proceeds amounting to approximately RM1.998 million for the working capital for solar photovoltaic (PV) projects (Extension of Time). 

 

The Board has resolved to extend the time frame for the utilisation of the said proceeds for another twelve (12) months period from 18 November 2023 to 17 November 2024 (Revised Time Frame) to provide additional time for the Group to utilise the balance of proceeds on the solar PV projects. The details of the Revised Time Frame are as follows:

 

Purpose

 

Proposed Utilisation

RM’000

Actual Utilisation

RM’000

Reallocation

RM’000

Balance Unutilised Proceeds

RM’000

Timeframe for Utilisation from the Receipt of Proceeds from the Date of Listing, i.e. 18 November 2020

Intended Time Frame for Utilisation

Proposed Revised Time Frame

Working capital for solar PV projects

6,885

(5,062)

175

1,998

Within 36 months

17 November 2023

17 November 2024

Estimated expenses

303

(128)

(175)

-

Immediate

-

-

Total

7,188

(5,190)

-

1,998

-

-

-


The Revised Time Frame does not require the approval of any regulatory authorities or the shareholders of Vsolar.

 

The Board, having considered all aspects of the proposed Extension of Time, is of the opinion that it will not have material adverse effect on the financial performance of the Group and is in the best interest of the Group.

 

The Company shall continue to be vigilant and prudent in managing the remaining proceeds raised from the Private Placement and will continue to disclose the status of the utilisation in the Company's quarterly results and annual reports until it is fully utilised.

 

This announcement is dated 20 November 2023.






Announcement Info

Company Name VSOLAR GROUP BERHAD
Stock Name VSOLAR
Date Announced 20 Nov 2023
Category General Announcement for PLC
Reference Number GA1-20112023-00013