Others
28-05-2015
Type | Announcement | |||||||||||||||||||||||||||||||||||||||||||||||||
Subject | OTHERS |
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Description |
TITIJAYA LAND BERHAD ("TITIJAYA" OR "THE COMPANY") - EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM INITIAL PUBLIC OFFERING (IPO) |
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Reference is made to the Company’s Prospectus dated 11 November 2013 (“Prospectus”) wherein the Company raised proceeds of RM122.558 million from its IPO (“IPO Proceeds”).
Notes:- * As disclosed in the Prospectus, if the actual listing expenses are lower than budgeted, the excess will be utilised for working capital purposes. Actual listing expenses incurred were less than the estimated listing expenses by RM0.219 million due mainly to lower than expected underwriting commission, placement fee and brokerage fee incurred in conjunction with the listing exercise. The excess has been utilised for working capital purposes. As referred to the table above, Titijaya and its subsidiaries (“Titijaya Group”) has not fully utilised the fund allocated for (iv) Purchase of Land Bank of RM30 million (“Purchase of Land Bank”). As disclosed in the Prospectus, the Company intended to utilise RM30 million from the proceeds arising from the IPO to acquire additional land bank. In order to utilise the financial resources which has no immediate usage in a more efficient manner, the Board has resolved to extend the Purchase of Land Bank for a further period of twelve (12) months until 25 May 2016 to facilitate the acquisition of land by City Meridian Development Sdn. Bhd., a wholly owned subsidiary of the Company (“Extension of Time”). The Board is of the opinion that the Extension of Time is in the best interest of the Company. The Extension of Time 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 Report(s) until its full utilisation. This announcement is dated 28 May 2015. |
Announcement Info
Company Name | TITIJAYA LAND BERHAD |
Stock Name | TITIJYA |
Date Announced | 28 May 2015 |
Category | General Announcement for PLC |
Reference Number | GA1-26052015-00055 |