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We refer to the announcement dated 29 May 2013, 20 November 2013, 22 November 2013 and 28 May 2014 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.

In view of the foregoing change in circumstances, the Board had resolved to vary and re-allocate the balance of RM3.852 million from the intended general R&D activities as disclosed in the announcement dated 28 May 2014 and Prospectus to working capital ("Variation"). The variation will contribute towards the development and day-to-day commitment of the Group. Hence, will enable the IPO proceeds to be efficiently and fully utilised.

The details of the IPO Proceeds as at 30 September 2014 are as set out below.

The Board is of the opinion that the Variation will not have any adverse effect on the financial performance of the Company, and 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 26 November 2014.