|Description||BOUSTEAD HOLDINGS BERHAD (“BHB” OR “COMPANY”) VARIATION OF THE UTILISATION OF PROCEEDS RAISED FROM RIGHTS ISSUE|
We refer to the circular to the shareholders of the Company dated 11 March 2016 (“Circular”), abridged prospectus dated 24 May 2016 (“Abridged Prospectus”) and announcements dated 15 June 2016, 21 June 2016, 23 June 2016 and 29 August 2018 in relation to the Rights Issue. Unless otherwise defined, the definitions set out in the Abridged Prospectus shall apply herein.
On 29 August 2018, the Board announced to Bursa Securities that the Group has yet to fully utilise the proceeds raised from the Rights Issue earmarked for property development activities within the expected timeframe of 24 months from the date of listing of the Rights Shares on 23 June 2016. As at 22 June 2018, approximately RM408.0 million allocated for the property development activities has yet to be utilised. The Board had then resolved to extend further the time frame for the utilisation of the said proceeds for another 19 months from 23 June 2018 until 31 December 2019 to provide additional time for the Group to utilise the balance of proceeds for property development activities.
The Board wishes to inform that as at 31 December 2019, approximately RM196.0 million allocated for the property development activities has yet to be utilised within the expected time frame. The Board has therefore resolved the following:
(i) to vary the utilisation of the balance of proceeds allocated for the property development activities in relation to the acquisition of lands for future development and construction of a hotel in Port Klang, Selangor Darul Ehsan for the following:
(a) repayment of the Group’s bank borrowings; and
(b) working capital, in addition to the infrastructure works, for the Group’s property development projects,
(collectively referred to as the “Revised Utilisation of Proceeds”), and
(ii) to extend further the time frame for the Revised Utilisation of Proceeds for a period of 12 months from 1 January 2020 until 31 December 2020 to provide additional time for the Group to utilise the balance of proceeds for the purposes set out in (i) above.
For further details of the Revised Utilisation of Proceeds, please refer to the attachment.
This announcement is dated 28 February 2020.
Please refer attachment below.
|Company Name||BOUSTEAD HOLDINGS BERHAD|
|Date Announced||28 Feb 2020|
|Category||General Announcement for PLC|
- Announcement_BHB_-_28.2.2020.pdf (Size: 180,818 bytes)