Datasonic Group Berhad 182 Notes to the Financial Statements for the Financial Year Ended 31 March 2022 (Cont’d) 48. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (a) Private Placement On 6 April 2021, the Company received the gross proceeds amounting to RM126,284,000 from the Private Placement of 262,000,000 new ordinary shares at an issue price of RM0.482 per share of which the issued share capital of the Company was increased to RM261,284,000 comprising of 2,962,000,000 ordinary shares. The Private Placement was completed on 7 April 2021 and the new ordinary shares were listed and quoted on the Main Market of Bursa Malaysia Securities Berhad on 8 April 2021. (b) COVID-19 Pandemic The outbreak of COVID-19 in early 2020, has affected the business and operating environment of the Group. Several measures taken by the Government to prevent the spread of COVID-19 through implementation of movement control order (“MCO”) such as introduction of various standard operating procedures (“SOP”), closure of non-essential services as well as restricted domestic and international travelling, have impacted consumers’ spending pattern and the Group’s operations directly and indirectly. The Group expects the operating environment to remain challenging going forward as the disruption and full impact from the COVID-19 pandemic on the economy are still being cautiously assessed by the Government. Subsequent to year end, the Government has relaxed certain SOP i.e. open border for domestic and international travelling which has direct impact to the Group. The Group is of the view that the COVID-19 pandemic will not significantly affect the fundamentals and going concern of its business operations and that it will continue to remain resilient. Accordingly, the Group’s financial statement for the financial year ended 31 March 2022 have been prepared based on the application of going concern assumption.
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