Reference is made to the Companys announcement made on 26 May 2011 in relation to the extension of time for the utilisation of proceeds raised from the IPO.
As at 31 August 2012, the details of the utilisation of the proceeds are as follows:-
Purpose | Proposed utilisation RM000 | Actual utilisation RM000 | Balance as at 31 August 2012 RM000 | Intended timeframe for utilisation from the listing date (i.e. 8 October 2008) as disclosed in the Prospectus (Months)
|
Research and development | 4,770 | 3,931 | 839 | 36 |
Overseas expansion | 1,000 | 1,000 | - | 48 |
Working capital | 430 | 250 | 180 | 24 |
Estimated listing expenses | 1,800 | 1,980 | (180)* | 3 |
Total | 8,000 | 7,161 | 839 |
|
Note:
*The actual listing expenses was higher than estimated, the excess amount had been recovered from the partial portion of working capital.
The Board of Directors of Sunzen wishes to inform that in view of the existing progress of Research & Development activities of the Group, the utilisation of the balance proceeds of RM839,000 would only be fully utilised by 8 October 2013, and had on 3 October 2012 approved a further extension of time of twelve (12) months up to 8 October 2013 for the utilisation of the aforesaid balance proceeds.
This announcement is dated 3 October 2012.