Reference is made to the Companys announcement made on 3 October 2012 in relation to the extension of time for the utilisation of proceeds raised from the IPO.
As at 31 August 2013, the details of the utilisation of the gross proceeds of RM8 million raised from the IPO are as follows:-
Purpose | Proposed utilisation RM000 | Actual utilisation RM000 | Balance as at 31 August 2013 RM000 | Intended timeframe for utilisation from the listing date of the Company on 8 October 2008 (Months)
|
Research and development | 4,770 | 4,347 | 423 | 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 | 7,577 | 423 |
|
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 RM423,000 would only be fully utilised by 8 October 2014, and had on 17 September 2013 approved a further extension of time of twelve (12) months up to 8 October 2014 for the utilisation of the aforesaid balance proceeds.
This announcement is dated 17 September 2013.