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BackNov 20, 2013
Type Announcement
Subject OTHERS
Description PRESTARIANG BERHAD (“PRESBHD” OR “COMPANY”) - VARIATION TO THE UTILISATION OF PROCEEDS RAISED FROM THE INITIAL PUBLIC OFFERING (“IPO”)
The Company wishes to announce that the Board of Directors (“Board”) of the Company has approved the variation to the utilisation of proceeds raised from the Initial Public Offering (“IPO”) exercise ("Variation") in conjunction with the listing and quotation of its entire issued and paid-up share capital on the Main Market of Bursa Malaysia Securities Berhad.
As disclosed in the Prospectus dated 28 June 2011 (“Prospectus”), the Company has intended to utilise the balance of approximately RM3.964 million of the proceeds for the funding of future development on Research and Development costs particularly in developing and customising new titles that cover the English language learning and certification programme, Islamic finance learning and certification programme as well as Green IT certification programme.

The Company now wishes to change the utilisation for the Islamic finance learning and certification programme to be earmarked for development and customisation of a new title to oil and gas training and certification.

The Company believes that the Variation will contribute to the growth of the Company. The Variation is also in line with the Government’s initiatives to enhance human capital development in the oil and gas sector.

The Board is of the opinion that the Variation is in the best interest of the Company.

The Variation is not subject to any regulatory or shareholders’ approval.

Nevertheless, the Company shall continue to be vigilant and prudent in managing the IPO Proceeds and will continue to disclose the status of the utilisation of the IPO Proceeds in the Company’s quarterly results and annual reports until its full utilisation.

This announcement is dated 20 November 2013.

 

Announcement Info

Company Name PRESTARIANG BERHAD  
Stock Name PRESBHD    
Date Announced 20 Nov 2013  
Category General Announcement
Reference No CS-131120-673C8