News

We refer to the announcement dated 29 May 2013, 20 November 2013 and 22 November 2013 in respect of the extension of time and variation to the utilisation of proceeds raised from the IPO.

The Board of Directors of Prestariang wishes to inform that the proceeds of RM6.5million which was allocated for the purpose of Research & Development ("R&D") expenditure as disclosed in the prospectus dates 28 June 2011 ("Prospectus"), has not been fully utilised for the intended purpose within the extended time frame until 26 July 2014.

In view of the foregoing change in circumstances, the Board had resolved to:-

extend the timeframe for the utilisation of the proceeds for another twelve (12) months period until 26 July 2015 ("Extension of time"); and
Vary the utilisation of the balance of RM3.852 million from the intended R&D purposes as disclosed in the Prospectus towards more general R&D activities ("Variation").

The details of the utilisation of Proceeds as at 31 March 2014 are as set out below.

The Board is of the opinion that the Extension of time and Variation will not have any adverse effect on the financial performance of the Company, and is in the best interest of the Company. 

The Extension of time and Variation are 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 28 May 2014.