|Announcement Date||16 Nov 2011|
|Description||THREE-A RESOURCES BERHAD (“3A” OR THE “COMPANY”)
EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS ARISING FROM PRIVATE PLACEMENT OF UP TO 20% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF 3A
The Board of Directors of 3A wishes to inform that as at 16 November 2011 the amount of RM20.0 million allocated for oversea investment has yet to be fully utilized. As at 30 June 2011, the Company has utilized approximately RM7.9 million for its oversea investment.
After taking into consideration the progress of the on-going construction of the factory by its joint controlled entity, Three-A (Qinhuangdao) Food Industries Co. Ltd., in China, the Board of Directors of 3A has resolved and approved to extend the timeframe for the utilization of the balance of proceeds arising from the Private Placement for another six months until 12 May 2012, details of which are disclosed in the table below:-
|Description||Proposed Utilization (RM’000)||Actual Utilization (RM’000)||Balance Unutilized (RM’000)||Timeline Previous||Timeline Revised|
|Related Expenses for the Private Placement||400||400||NIL||-||-|
|Overseas Investment||20,000||7,884||12,116||12 November 2011||12 May 2012|
Save for the above, there is no other change to the utilization of proceeds as disclosed in the Circular To Shareholders dated 8 June 2010.
The extension of time for the utilization of the balance of the proceeds is not subject to any shareholders or regulatory approvals and the Board of Directors is of the opinion that the extension of time for the utilization of proceeds is in the best interest of the Company.