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BackOct 17, 2018
Type Announcement
Subject OTHERS
Description

EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE RENOUNCEABLE RIGHTS ISSUE

The Board of Directors of Nextgreen Global Berhad (formerly known as BHS Industries Berha) (“Company”) wishes to inform that the Board had decided to extend the timeframe for the utilisation of the remaining proceeds raised from the renounceable rights issue exercise allocated for purchase of plant & machinery & other ancillary facilities for a further period of 12 months until 22 October 2019.

The details of the status of utilisation of proceeds raised from the renounceable rights issue exercise, which was completed on 22 October 2015 is summarised as follows:

 

    Proposed utilisation as per Circular to Shareholders dated 28 July 2015 Actual utilisation as at 17 October 2018 Balance unutilised
    RM'000 RM'000 RM'000
(i)

Acquisition of land

7,000 7,000 0
(ii)

Purchase of plant & machinery & other ancillary facilities

33,641 28,404 5,237
(iii)

Estimated expenses in relation to the corporate exercise

1,000 1,000 0
    41,641 36,404 5,237

 

As stated in the Circular to Shareholders dated 28 July 2015 (“Circular”), the Company intends to utilise RM33.641 million for the purchase of plant & machineries & other ancillary facilities for the purpose of manufacture of wood free paper from the renewable paper pulp products generated from empty fruit bunches. To-date, only RM28.404 million has been utilised for the acquisition of a complete set of production line for foregoing purposes.

The Company has on 25 October 2017 announced the extension of time to utilise the proceeds from 22 October 2017 to 22 October 2018. To-date, the Company has yet to utilise in full the proceeds pending completion of the construction of the factory. Therefore, the Board decided to extend the current timeline to 22 October 2019.

This announcement is dated 17 October 2018.

 





Announcement Info

Company Name NEXTGREEN GLOBAL BERHAD
Stock Name NGGB
Date Announced 17 Oct 2018
Category General Announcement for PLC
Reference Number GA1-16102018-00106