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OTHERS ASIA POLY HOLDINGS BERHAD ("ASIA POLY" OR "THE COMPANY") EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE RIGHTS ISSUE OF IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES ("ICPS") TOGETHER WITH FREE DETACHABLE WARRANTS

ASIA POLY HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
ASIA POLY HOLDINGS BERHAD ("ASIA POLY" OR "THE COMPANY") 
EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE RIGHTS ISSUE OF IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES ("ICPS") TOGETHER WITH FREE DETACHABLE WARRANTS

We refer to the announcements dated 25 January 2017, 21 February 2017, 24 March 2017, 4 July 2017, 7 July 2017, 25 July 2017, 27 July 2017, 27 October 2017, 1 November 2017, 7 November 2017, 16 November 2017, 17 November 2017, 11 December 2017, 13 December 2017, 18 December 2017, 19 December 2017, 29 December 2017, 23 January 2018, 29 January 2018, 2 February 2018, 5 February 2018, 6 February 2018, 17 May 2019, 18 June 2020 and 2 June 2021 in relation to the Corporate Exercises (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

 

The Board of Directors of Asia Poly (“Board”) wishes to announce that as at 26 November 2021, the Company has utilised RM6,868 Million from the proceeds allocated for setting up a Coating Plant and the remaining RM5.482 Million of the said proceeds has yet to be utilised within the expected time frame. 

 

The Board has resolved to extend the time frame for the Group’s utilisation of the said proceeds for another six (6) months to 19 June 2022, totalling 54 months from the date of listing of the ICPS with warrants ("Revised Time Frame").

 

Purpose

 

Approved Utilisation

RM’000

Actual Utilisation RM’000

Balance unutilised

RM’000

 

Initial Time Frame

Revised Time Frame

Details/Reasons for extension of time

 

Setting up of a coating plant

12,350

6,868

5,482

Within 18 months

Within 54 months*

Due to the disruption of Covid-19 outbreak and movement control order imposed by government during the period.

Working capital

3,251

3,251

N/A

Within 12 months

N/A

N/A

Repayment of bank borrowings

177

177

N/A

Within 12 months

N/A

N/A

Estimated expenses in relation to the Corporate Exercises

900

900

N/A

Within 2 weeks

N/A

N/A

 

Note:

* From the date of the listing of the ICPS with warrants on 19 December 2017.

 

The Board is of the opinion that the Revised Time Frame is in the best interest of the Group and will not have material adverse effects on the financial performance of the Group.

 

This announcement is dated 26 November 2021.






Announcement Info

Company Name ASIA POLY HOLDINGS BERHAD
Stock Name ASIAPLY
Date Announced 26 Nov 2021
Category General Announcement for PLC
Reference Number GA1-26112021-00038




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