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OTHERS DOLPHIN INTERNATIONAL BERHAD ("DOLPHIN" OR "THE COMPANY") EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED

DOLPHIN INTERNATIONAL BERHAD

Type Announcement
Subject OTHERS
Description
DOLPHIN INTERNATIONAL BERHAD ("DOLPHIN" OR "THE COMPANY") 
EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED

We refer the Company’s announcements made on 27 October 2021 and 29 October 2021 in relation to the Extension of time for the utilisation of proceeds raised and wish to provide the following additional information:

 

1)  Private Placement of 135,607,860 shares at an issued at RM0.0719 per share and listed on the Main Market of Bursa Malaysia Securities Berhad on 25 February 2021

 

 

Purpose

Proposed Utilisation

RM’000

Actual Utilisation as at 26 October  2021

RM’000

Balance unutilised as at 26 October 2021

RM’000

Intended Time Frame for utilisation of proceeds from the date of listing of the Private Placement on 25 February 2021

Addtional Time Frame

Revised Time Frame for utilisation of proceeds from the date of listing of the Private Placement on 25 February 2021

 

 

Details/Reasons for extension of time

 

Working capital for the Uncle Don’s outlets

2,000

Nil

2,000

Within 12 months

No Extension

Within 12 months

Not Applicable

Set up costs for a new distribution company

1,150

Nil

1,150

Within 9 months

12 months

Within 21 months

A subsidiary, United Distribution Sdn. Bhd. has been incorporated to undertake the distribution of Uncle Don’s brand of chili sauce and tomato sauce to retailers and restaurants.

 

The plan to initiate a marketing department with various promotional campaign that will boost the revenue and growth was crippled by the MCO 3.0 lockdown.

 

Set up costs for a new Uncle Don’s outlet

1,500

Nil

1,500

Within 9 months

12 months

Within 21 months

The Group has earmarked to open a new Uncle Don’s outlet in Batu Pahat, Johore. The outlet has yet to be set up due to the restrictions imposed by the Government for the COVID-19 pandemic.

 

Building renovation works

900

399

501

Within 3 months

12 months

Within 15 months

The prolonged lockdown has restricted the contractors from travelling to factory to complete the renovation works. Moreover, accessing the factory was not permissible due to difficulty in obtaining regulatory approval. 

 

With the National Recovery Plan, the contractors have resumed the renovation works.

 

Repayment of bank borrowings

1,700

893

807

Within 12 months

No Extension

Within 12 months

Not Applicable

Group working capital

 

2,376

1,421

955

Within 9 months

12 months

Within 21 months

The Group is operating in minimal cost after few cost cutting measures and redundancy pay for staff in the subsidiaries in the first quarter of 2021.

 

Moreover, this exercise was raised in February 2021 way before MCO 3.0 lockdown on 1 June 2021.

 

In anticipating the pandemic, our palm oil solutions company has reduced taking new projects. All the existing operations were mainly maintenance in nature and on-going project carry forward from year 2020.

 

The Group has resumed full operation under the National Recovery Plan and will be incurring expenditure.

 

Estimated expenses for the Private Placement

139

139

Nil

Within 1 month

Not Applicable

Not Applicable

Not Applicable

 

9,765

2,852

6,913

 

 

 

 

 

 

2) Renounceable Rights Issue of 305,250,005 new ordinary shares (“Rights Shares”) at RM0.06 per shares together with 183,150,003 Warrants-B (“Rights Issue”) and listed on the Main Market of Bursa Malaysia Securities Berhad on 1 October 2020

 

Purpose

 

Approved Utilisation

RM’000

Actual Utilisation as at 26 October 2021

RM’000

Balance unutilised as at 26 October 2021

RM’000

Intended Time Frame for utilisation of proceeds from the date of listing of the Rights Shares on 1 October 2020

 

Additional

Time Frame

Revised Time Frame for utilisation of proceeds from the date of listing of the Rights Shares on 1 October 2020

 

Details/Reasons for extension of time

 

Proposed Acquisition

 

9,800

9,800

Nil

Within 1 months

Not Applicable

Not Applicable

Not Applicable

SLPOM Project

2,744

Nil

2,744

Within 12 months

12 months

Within 24 months

The collaboration with the landlord has been delayed due to the COVID-19 pandemic standard operating procedures that were enforced by the Government during the MCO, which had hindered the progress of the implementation of the enhancement and optimisation program as the Group’s personnel were prevented from entering SLPOM’s premises for face-to-face meetings, discussions and to carry out all work necessary to implement the said program.

 

As such, due to the prolonged delay, the Board had requested for a further feasibility study to be conducted for this collaboration to ensure that the SLPOM project is still financially viable before any further investment is made into the SLPOM project.

 

Operational expenditures and working capital requirements of secured contracts

1,229

878

351

Within 12 months

12 months

Within 24 months

In anticipating the pandemic, the palm oil solutions company has reduced taking new projects. All the existing operations were mainly maintenance in nature and on-going project carry forward from year 2020.

The Group has resumed full operation under the National Recovery Plan and will be incurring expenditure.

Repayment of borrowings

819

819

Nil

Within 3 months

Not Applicable

Not Applicable

Not Applicable

Working capital

2,223

2,217

6

Within 12 months

3 months

Within 15 months

The Group is operating in minimal cost after few cost cutting measures and redundancy pay for staff in the subsidiaries in the first quarter of 2021.

 

The Group has resumed full operation under the National Recovery Plan and will be incurring expenditure.

 

Estimated expenses for the Proposals

1,500

1,440

60*

Within 1 month

Refer to Note 1

Refer to Note 1

The Group is operating in minimal cost after few cost cutting measures and redundancy pay for staffs in the subsidiaries in the first quarter of 2021.

 

The Group has resumed full operation under the National Recovery Plan and will be incurring expenditure.

 

Total

18,315

15,154

  

3,161

 

 

 

 

 

 

Note 1:  The unutilised balance of RM60,000 arising from the estimated expenses relating to the Proposals had been re-allocated to the working capital as the actual expenses incurred was lower than the estimated expenses budgeted.

 

This announcement is dated 2 November 2021.

 

 






Announcement Info

Company Name DOLPHIN INTERNATIONAL BERHAD
Stock Name DOLPHIN
Date Announced 02 Nov 2021
Category General Announcement for PLC
Reference Number GA1-02112021-00089




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