• RM576 Save up to RM288 with the Yearly Premium Plan (Limited Time Only)
  • RM480 Save up to RM240 with the Yearly Advanced Plan (Limited Time Only)
Subscribe Now
premium Subscription Plan
add free StockBiz
YouTube MS Production

Last Price Change Volume
KLSE Market Watch
Open: Day Range: Prev Close:


OTHERS MYNEWS HOLDINGS BERHAD ("MYNEWS" OR "THE COMPANY") - EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE PRIVATE PLACEMENT INVOLVING 68,200,000 NEW ORDINARY SHARES IN MYNEWS

MYNEWS HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
MYNEWS HOLDINGS BERHAD ("MYNEWS" OR "THE COMPANY") 
- EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE PRIVATE PLACEMENT INVOLVING 68,200,000 NEW ORDINARY SHARES IN MYNEWS

Reference is made to the utilisation of proceeds raised from the Private Placement which was completed on 13 July 2023 ("Date of Completion"), following the listing and quotation of 68,200,000 placement shares on the Bursa Malaysia Securities Berhad. The Company has raised a total gross proceeds of RM27.96 million from the Private Placement ("Proceeds").

 

The Board of Directors ("the Board") of Mynews wishes to inform that as at the date of this announcement, the Group has yet to fully utilise the Proceeds raised from the Private Placement. The Board of Mynews has resolved to extend the timeframe for an additional 12 months from 13 July 2024 to 12 July 2025 to utilise the balance Proceeds amounting to approximately RM20.221 million to be used for the new retail outlets. As the Group had decided to change its expansion strategy, the Board of Mynews approved the change in the ratio of new stores between the brands of "myNEWS" and "CU" from 43 myNEWS : 5 CU initially to 23 myNEWS ; 25 CU. The total number of new stores remained the same i.e. 48 outlets, although the average actual Capital Expenditure per outlet may differ for myNEWS and CU outlets from the inital plan.  

 

The details of the revised timeframe for utilisation of the balance Proceeds are as follows:

 

Description

Proposed Utilisation

(RM’000)

Relocation

(RM’000)

Actual Utilisation

(RM’000)

Balance Unutilised Proceeds

(RM’000)

Initial Timeframe for Proceeds Utilisation

 

Revised Timeline for Proceeds Utilisation

Capital Expenditure (for opening of 48 new convenience stores)

22,880

-

2,659

20,221

Within 12 months

(13 July 2023 to 12 July 2024)

Another 12 months

(13 July 2024 to 12 July 2025)

Working Capital

4,952

4

4,956

-

Within 12 months

(13 July 2023 to 12 July 2024)

-

Estimated Expenses

130

(4)

126

-

Within 2 months

(13 July 2023 to 12 September 2023)

-

Total

27,962

-

7,741

20,221

-

-

 

The extension of timeframe is not subjected to any regulatory authories or shareholders' approval. The Board of Mynews is of the opinion that the extension of timeframe is in the best interest of the Group and it will not have any material adverse effect on the financial performance.

 

The Company shall continue to be vigilant and prudent in managing the balance Proceeds and 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 21 June 2024.   






Announcement Info

Company Name MYNEWS HOLDINGS BERHAD
Stock Name MYNEWS
Date Announced 21 Jun 2024
Category General Announcement for PLC
Reference Number GA1-06062024-00091



Close
New Feature
MS Academy
AI StockMaster. Beat The Market! Checking MS Signal
DETECT REAL-TIME STOCK MOVEMENT
X
(InvestorPro Plan Only)
Complimentary access on Premium Plan*
What is AI StockMaster?
Window Alert On-Screen Alert X
X