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OTHERS PERMAJU INDUSTRIES BERHAD ("PIB" OR "THE COMPANY") - EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE PRIVATE PLACEMENT

PERMAJU INDUSTRIES BERHAD

Type Announcement
Subject OTHERS
Description
PERMAJU INDUSTRIES BERHAD ("PIB" OR "THE COMPANY") - EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE PRIVATE PLACEMENT

1. INTRODUCTION

Reference is made to the utilisation of proceeds raised from the Private Placement which was completed on 18 November 2020 (“Date of Completion”) following the listing and quotation of 49,331,502 placement shares on the Bursa Malaysia Securities Berhad. The Company has raised a total gross proceeds of RM7.95 million from the Private Placement (“Proceeds”).

 

The Board of Directors of the Company (“the Board”) wishes to announce that it has deliberated and resolved to extend the timeframe for the utilisation of the Proceeds for an additional of 12 months from the date of this announcement (“Extension”).

 

2. DETAILS OF THE EXTENSION

As at the date of this announcement, the Company and its subsidiaries (“PIB Group”) has utilised approximately RM6.504 million from the total Proceeds and the Company has a balance of RM1.448 million unutilised Proceeds. The details of the Extension are set out as follows:

 

Purpose

 

Proposed Utilisation of Proceeds

(RM’000)

 

Actual Utilisation

(RM’000)

 

Balance Unutilised

(RM’000)

 

Initial Timeframe for the Utilisation of the Proceeds

(From Date of Completion)

Revised Timeline for the Utilisation of the Proceeds

Development of an

online platform for

luxury car rentals

2,500

(1,052)

1,448

Within 9 months

Within 12 months

Acquisition of new

cars for the Group’s

luxury car rental

business

3,950

(3,950)

-

Within 24 months

-

Working Capital

1,062

(1,062)

-

Within 24 months

-

Estimated expenses for the Private Placement 2020

440

(440)

-

Immediate

-

Total

7,952

(6,504)

1,448

   

 

3. APPROVAL REQUIRED

The Extension is not subject to any regulatory authorities or shareholders’ approval. Nevertheless, the Board shall continue to be vigilant and prudent in managing the Proceeds and will continue to disclose the status of the utilisation of the Proceeds in its quarterly results and annual report until it is fully utilised.

 

The Board is of the opinion that the aforementioned Extension will not have any adverse effect on the financial performance of the Company and it is in the best interest of the Company.

 

This announcement is dated 5 December 2023.






Announcement Info

Company Name PERMAJU INDUSTRIES BERHAD
Stock Name PERMAJU
Date Announced 05 Dec 2023
Category General Announcement for PLC
Reference Number GA1-05122023-00041



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