Reference is made to the Company's announcements made on 21 June 2018, 12 July 2018, 17 July 2018, 28 September 2018 and 11 October 2018 in relation to the Private Placement ("Annoucements"). Unless otherwise defined, all definitions and terms set out in the Announcements shall apply herein.
The Company had raised a gross proceeds of RM7,647,550/- from the Private Placement on 11 October 2018. As of 15 November 2019, the proceeds raised from the Private Placement has yet to be fully utilised.
As part of the Group’s business and risk aversion strategy, the Board had on 15 November 2019 resolved to extend the timeframe for utilisation of proceeds, while simultaneously re-allocating the unutilised proceeds to another project with better prospect and market demand.
Please refer to the attachment for further details.
This announcement is dated 15 November 2019.