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OTHERS SUNZEN BIOTECH BERHAD ("Sunzen") or ("the Company") - EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE RIGHTS ISSUE OF SHARES WITH WARRANTS

SUNZEN BIOTECH BERHAD

Type Announcement
Subject OTHERS
Description
SUNZEN BIOTECH BERHAD ("Sunzen") or ("the Company")
- EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE RIGHTS ISSUE OF SHARES WITH WARRANTS

Reference is made to the Company’s Abridged Prospectus dated 3 February 2016 in relation to the proposed utilisation of proceeds raised from the Rights Issue of Shares with Warrants.

The Rights Issue of Shares with Warrants raised total gross proceeds of RM44.855 million, of which RM19.757 million have been utilised as at 30 June 2016, as detailed hereunder:

Purpose

Proposed Utilisation

RM’000

Actual Utilisation

RM’000

Balance as at 30 June 2016

RM’000

Intended timeframe for utilisation from the Listing Date (1) 

(months)

Purchase of machineries

17,000

8,243

8,757

6

Upgrade of the building

2,800

87

2,713

6

Working capital

24,405

10,481

13,924

12

Listing expenses

650

946

(296)*

0.5

TOTAL

44,855

19,757

25,098

 

Notes:

(1) The Rights Issue of Shares with Warrants was listed on the ACE Market on 4 March 2016.

* Shortfall of the listing expenses incurred is adjusted from the working capital.

The proceeds for the purchase of machineries and upgrade of the building shall be utilised within 6 months from the Listing Date i.e. by 4 September 2016 (“Deadline of the Intended Timeframe”).

The Board of Directors of Sunzen wishes to inform that in view of the existing progress of business plan of the Group, the utilisation of the balance proceeds for the purchase of machineries and upgrade of the building amounting to RM11.470 million will only be fully utilised by 4 September 2017, and had on 5 August 2016 approved an extension of time of twelve (12) months up to 4 September 2017 from the Deadline of the Intended Timeframe for the utilisation of the aforesaid balance proceeds.

This announcement is dated 5 August 2016.






Announcement Info

Company Name SUNZEN BIOTECH BERHAD
Stock Name SUNZEN
Date Announced 05 Aug 2016
Category General Announcement for PLC
Reference Number GA1-05082016-00022




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