Reference is made to the proceeds raised from the IPO as disclosed in the Company’s Prospectus dated 13 December 2018 that was issued in conjunction with the Company’s listing on the ACE Market of Bursa Malaysia Securities Berhad on 8 January 2019.

On 26 February 2020, the Company announced that the Board of Directors of Gagasan Nadi (“Board”) resolved to extend the timeframe for the utilisation of the remaining unutilised IPO Proceeds allocated for capital expenditure for the district cooling system for the supply of chilled water to a shopping mall under the Datum Jelatek development for an additional twelve (12) months up to 8 January 2021.

As at the date of this announcement, the Company has yet to fully utilise the IPO Proceeds allocated for the said capital expenditure and hence, the Board has deliberated and resolved to further extend the timeframe by additional six (6) months up to 8 July 2021 for the utilisation of the remaining IPO proceeds.

Please refer to the attachment for the details of the announcement.

This announcement is dated 7 January 2021.