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Pursuant to the private placement exercise in 2017, the Company has raised a total gross proceeds of RM30,186,900
by issuing 125,500,000 ordinary shares in 7 tranches. The details of the utilisation of the proceeds as at 31 December
2019 are as follows:
The utilisation of the proceeds as disclosed above should be read in conjunction with the Announcement of the Company
dated 30 November 2017.
The actual expenses incurred for the Proposed Private Placement by the Company was only RM0.13 million, which
was lower than the estimated expenses of RM0.33 million. This was mainly due to the actual placement fees and
other incidental expenses incurred were lower than the budgeted amount allocated for the said corporate exercise. The
unutilised funds were subsequently allocated towards the repayment of bank borrowings. The Company has reallocated
the unutilised funds allocated for the Balance Purchase Settlement for working capital purposes.
The Company has fully utilised the proceeds of the Proposed Private Placement during the FYE 2019
