VSOLAR

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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 UP TO 245,193,000 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 UP TO 245,193,000 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 16 December 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 11 January 2024, 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 RM9.130 million for the working capital on the solar photovoltaic (PV) solutions projects (Solar 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 12 January 2024 to 11 January 2025 (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. 11 January 2021

Intended Time Frame for Utilisation

Proposed Revised Time Frame

Working capital for Solar PV Projects

8,823

-

307

9,130

Within 36 months

11 January 2024

11 January 2025

Estimated expenses

445

(138)

(307)

-

Immediate

-

-

Total

9,268

(138)

-

9,130

-

-

-

 

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 11 January 2024.






Announcement Info

Company Name VSOLAR GROUP BERHAD
Stock Name VSOLAR
Date Announced 11 Jan 2024
Category General Announcement for PLC
Reference Number GA1-11012024-00008