KUALA LUMPUR (Dec 15): Joe Holding Bhd said it has yet to fully utilise the proceeds of two private placements that raised a total of RM66.3 million for investments in the glove business.

As such, the group has decided to extend the time frame to utilise the proceeds by 12 months, Joe Holding said in a bourse filing.

The automotive batteries and components manufacturer had raised RM39.7 million from the first placement that was completed on Dec 15, 2020, and RM24.6 million from the second placement that was completed on Jan 13, 2021.  

The intended time frame for the use of the proceeds from both placements was 24 months.

As of Sept 30, 2022, Joe Holding said RM24.6 million of the RM39.7 million raised from the first placement had yet to be utilised.

For the second placement, RM26.32 million of the RM26.6 million raised was unutilised.

Joe Holdings said the revised time frame was in the best interest of the group and would not have a material adverse effect on its financial performance.

“The revised time frame does not require the approval of the Securities Commission Malaysia, or any other regulatory authorities or the shareholders of Joe Holding,” it added.

Joe Holding’s share price rose 0.5 sen or 25% to 2.5 sen on Thursday (Dec 15), giving the group a market capitalisation of RM76.48 million.