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4,798,267,200
1,903,738,752
497
616
4,274
3,732
280,646
General Announcement
29/02/2012
OTHERS OVERSEA ENTERPRISE BERHAD ("OVERSEA" OR THE "COMPANY") EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE PUBLIC ISSUE PURSUANT TO THE INITIAL PUBLIC OFFERING ("IPO")
OVERSEA ENTERPRISE BERHAD
Admission Sponsor
OSK Investment Bank Bhd
Sponsor
Same as above
Type
Announcement
Subject
OTHERS
Description
OVERSEA ENTERPRISE BERHAD ("OVERSEA" OR THE "COMPANY")
EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE PUBLIC ISSUE PURSUANT TO THE INITIAL PUBLIC OFFERING ("IPO")
We refer to the proposed utilisation of proceeds raised from the public issue as disclosed in the prospectus of Oversea dated 15 March 2010 ("Prospectus") that was issued in relation with the listing of Oversea on the ACE Market of Bursa Malaysia Securities Berhad on 1 April 2010. The Company had raised total gross proceeds of approximately RM13.087 million from its IPO.
As at 31 December 2011, the Company has yet to utilise the proceeds of RM2.066 million for the capital expenditure and business expansion plans as well as RM0.318 million for working capital. The total remaining proceeds of RM2.384 million ("Balance Proceeds") shall expire on 31 March 2012 (i.e. within two (2) years from the date of listing).
The Board of Directors of Oversea ("Board") wishes to announce that it had on 28 February 2012 resolved to approve the extension of time for the utilisation of the Balance Proceeds for the capital expenditure and business expansion plans as well as working capital until 31 March 2013 as the Company has yet to complete the implementation of its business expansion plans into the Singapore, Hong Kong and Indonesia markets.
The Board foresees that the Balance Proceeds of RM2.384 million could only be fully utilised by 31 March 2013, and is of the opinion that the extension of time for the utilisation of the Balance Proceeds is in the best interest of the Company.
The details on the current status of the utilisation of proceeds and the extension of time for the utilisation of the Balance Proceeds are set out in the table below.
This announcement is dated 29 February 2012.
Attachments
Table%20-%20Balance%20Proceeds.pdf
12 KB
Announcement Info
Company Name
OVERSEA ENTERPRISE BERHAD
(ACE Market)
Stock Name
OVERSEA
Date Announced
29 Feb 2012
Category
General Announcement
Reference No
CK-120229-57381
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