|Contents||We refer to the utilisation of proceeds raised from the public issue as disclosed in the Company's prospectus dated 9 March 2010 that was issued in conjunction with the listing of the Company on the Main Market of Bursa Malaysia Securities Berhad ("Prospectus"). |
The Board of Directors of Hock Heng ("Board") wishes to announce that the Company had resolved to extend the timeframe for utilization of the remaining proceeds of approximately RM0.26 million that is allocated for the construction of a secondary plant for another six (6) months period until 25 March 2011 ("Extension of Time for Utilisation").
Details of the utilisation of proceeds as at 30 June 2010 are reflected in the table below.
The aforesaid unutilised proceeds of approximately RM0.26 million was intended to finance the purchase of a new machinery to be installed in the secondary processing plant in Subang, Selangor (as stated in section 3.9 of the Prospectus).
The Extension of Time for Utilisation is necessary in view that the Management of Hock Heng requires more time to source for a suitable machine and supplier which would not significantly affect the business of Hock Heng and its subsidiaries.
The Board is of the opinion that the extension of time for utilisation of the proceeds for construction of a secondary processing plant is in the best interest of Hock Heng.
This announcement is dated 13 September 2010.