We refer to the announcement made on behalf of the Board of Directors of HRB (“Board”), by RHB Investment Bank (“RHBIB”) on 17 September 2013 with regards to the Proposed Private Placement. Unless otherwise stated, the terms used herein shall have the same meaning as defined in the announcement dated 17 September 2013 in relation to the Proposed Private Placement.
On behalf of the Board, RHB Investment Bank Berhad wishes to provide further clarification on the proposed utilisation of the proceeds raised from the Proposed Private Placement which have been earmarked for working capital purposes (“Proceeds for Working Capital”).
The breakdown of the utilisation of the Proceeds for Working Capital are set out as follows:-
(i) Purchase of raw materials
(ii) Wages and salaries
(iii) Other operating expenses(rental , utilities, audit fee & tax fee)
Repayment of bank borrowings
Any variation in terms of the gross proceeds raised from the Proposed Private Placement will be adjusted against the amount allocated for working capital purposes. Pending utilisation of proceeds from the Proposed Private Placement, the proceeds will be placed with financial institutions or invested in short-term money market instruments.
This announcement is dated 20 September 2013.