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BackMay 29, 2013
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 proceeds of approximately RM6.5 million which was allocated for the purpose of Research and Development ("R&D") 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 has not been fully utilised for the intended purpose within twenty-four (24) months from the Company’s listing date.
The unutilised R&D expenditure of RM4.03 million could not be completed within the twenty-four (24) months’ timeframe due to the following reasons:-
  1. The development of new titles have been delayed due to longer development periods. On average the development of the new titles takes more than eighteen (18) months; and
  2. The process to source for the right partner for collaboration takes longer than anticipated due to difficulty in sourcing and engaging suitable partners for the projects.

The Board has agreed to extend the timeframe for the utilisation of the proceeds for another twelve (12) months period until 26 July 2014 in the best interest of the Company.

This announcement is dated 29 May 2013.

 

Announcement Info

Company Name PRESTARIANG BERHAD  
Stock Name PRESBHD    
Date Announced 29 May 2013  
Category General Announcement
Reference No CS-130529-446CE