We refer to the announcements dated 15 December 2015, 18 March 2016, 26 July 2016, 25 October 2016, 3 November 2016, 11 November 2016, 16 March 2017, 3 August 2017, 5 September 2017, 14 September 2017, 9 October 2017, 13 October 2017, 23 November 2017, 5 December 2017, 13 December 2017, 28 December 2017, 29 December 2017 and 17 January 2018 in relation to the Private Placement (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

The Board of Directors of Parlo (“the Board”) wishes to announce that it has on 8 March 2019 resolved to extend the time frame for the Company to utilise the balance of proceeds which was allocated for working capital for another 6 months until 18 July 2019 (“Revised Time Frame”). Details of the Revised Time Frame are as set out in the table below:-

Proposed utilisation
RM’000

Actual utilisation as at 7 March 2019
RM’000

Remaining balance
RM’000

Intended timeframe for utilisation

Revised Time Frame

Working capital

5,601

5,111

490

Within 12 months

Within 18 months

Estimated expenses in relation to the Regularisation Plan

2,800

2,900

(100)*

Within 1 month

-

Total

8,401

8,011

390

Note:

* The shortfall of estimated expenses was adjusted from the amount allocated for working capital purposes.

The Board is of the opinion that the Revised Time Frame is in the best interest of the Company and will not have adverse effects on the financial performance of the Company.

The Revised Time Frame does not require the approval of any regulatory authorities or the shareholders of Parlo.

The Company will continue to disclose the status of the utilisation in the Company’s quarterly results and annual reports until it is fully utilised.

This announcement is dated 8 March 2019.