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BackJul 27, 2012
Type Announcement
Subject OTHERS
Description PRESTARIANG BERHAD (“PRESBHD” OR "THE COMPANY")
- EXTENSION OF TIME FOR THE UTILISATION OF THE PROCEEDS FROM INITIAL PUBLIC OFFERING
The Company wishes to inform that the unutilized proceeds of approximately RM2.3 million which was allocated for the purpose of capital expenditure as disclosed in the Company’s prospectus dated 28 June 2011 that was issued in conjunction with the listing of the Company on the Main Market of Bursa Malaysia Securities Berhad (“IPO”) has not been fully utilized for the intended purpose within 12 months from the Company’s listing date.
The capital expenditures could not be completed within the 12 months’ timeframe due to the following reasons:-
  1. The identification and evaluation process for establishing a sales office and training centre in Penang, Johor and Sarawak take longer time than anticipated. The earmarked amount for the renovation is RM1.5million.
  2. The acquiring and upgrading of system has been delayed due to a longer time taken on systems evaluation and selection of a suitable system for the Company. The unutilised amount is currently approximately RM0.8 million.

The Board is of the opinion to extend the timeframe for the utilisation of the proceeds for another six (6) months period until 26 January 2013 would be in the best interest of the Company.

This announcement is dated 27 July 2012.

 

Announcement Info

Company Name PRESTARIANG BERHAD 
Stock Name PRESBHD
Date Announced 27 Jul 2012
Category General Announcement
Reference No CS-120727-280DB