Reference is made to the circular to the shareholders of Pappajack dated 19 May 2023 in relation to the private placement of up to 100,200,000 new ordinary shares in Pappajack, representing 15% of the total number of issued shares (excluding treasury shares) undertaken by the Company (“Private Placement”). The Private Placement has been completed following the listing and quotation of 100,200,000 new ordinary shares on 27 June 2023. Pappajack raised total gross proceeds of RM55.11 million pursuant to the Private Placement (“Private Placement Proceeds”).

The Board of Directors of the Company (“Board”) wishes to announce that as at the date of this announcement, the Company has yet to fully utilise the proceeds raised from the Private Placement and had resolved to extend the timeframe for the utilisation of proceeds.

Please refer to the attachment for further details. 

This announcement is dated 22 August 2024.