Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 25 Jun 2024
Category: General Announcement for PLC
Reference Number: GA1-25062024-00052
Type: Announcement
Subject: OTHERS
Description: EXTENSION OF TIME FOR UTILISATION OF PROCEEDS RAISED FROM THE PRIVATE PLACEMENT OF ORDINARY SHARES IN THE COMPANY
We refer the announcements dated 5 November 2021, 8 November 2021, 11 November 2021, 16 November 2021, 25 November 2021, 26 November 2021, 26 April 2022, 5 May 2022 and 9 November 2022 in relation to the Private Placement.
Pursuant to the Private Placement, the Company had raised total gross proceeds of approximately RM110.445 million. The Board of Directors of the Company (“the Board”) wishes to inform that as at 25 June 2024, the Company has yet to fully utilise the proceeds raised from the 10% Private Placement and the Board requires additional time to utilise the balance proceeds amounting to approximately RM20.738 million for setting up new aluminium manufacturing plant for the Group’s manufacturing division (“Extension of Time”). The Board has resolved to extend the time frame for the utilisation of the said proceeds for another eighteen (18) months period from 26 June 2024 to 25 February 2026 (“Revised Time Frame”) to provide additional time for the Group to utilise the balance of proceeds for the manufacturing division.
Kindly refer to the attachment for further details.
This announcement is dated 25 June 2024.
Please refer attachment below.
Attachments :
KOBAY- EXTENSION OF PP PROCEEDS.pdf