a. Status of Utilisation of Proceeds The status of utilisation of proceeds raised from the following corporate exercise as at 31 March 2015 is as follows: Disposal of 50% equity interest in Gumusut-Kakap Semi-Floating Production System (L) Limited, a wholly-owned subsidiary of MISC Berhad (“MISC”), to E&P Venture Solutions Co. Sdn. Bhd., a wholly-owned subsidiary of PETRONAS Carigali Sdn. Bhd. (“Share Disposal”), which was completed on 14 December 2012 (“Completion Date”) Purpose Proposed utilisation(1) Actual utilisation Estimated timeframe for utilisation from the Completion Date(1) Revised timeframe for utilisation from the Completion Date Deviation amount Explanations RM Million RM Million RM Million % (3) Repayment of bank loans and borrowings 3,820.6 3,820.6 Within nine (9) months Within nine (9) months – – Capital expenditure 1,472.2 1,303.4 Within eighteen (18) months Within thirty six (36) months(2) 168.8 11.5 Slower progress than originally anticipated of a capital project and deferment of a capital project to which some of the proceeds were intended for utilisation. Estimated expenses in relation to the Share Disposal 2.0 1.8 Within three (3) months Within three (3) months 0.2 10.0 See note (4) below. Total 5,294.8 5,125.8 169.0 Notes: * Negligible. (1) As disclosed in MISC’s circular to shareholders in relation to the Share Disposal dated 12 November 2012. (2) Given the progress of utilisation of proceeds for capital expenditure against the actual utilisation as at 31 March 2014, the Board agreed to extend the timeframe for utilisation of proceeds for capital expenditure by an additional eighteen (18) months. This results in the extension of the timeframe for utilisation of proceeds for capital expenditure to thirty six (36) months from the original timeframe of eighteen (18) months. (3) Computed based on the deviation amount divided by the proposed utilisation for each purpose. (4) As disclosed in MISC’s circular to shareholders in relation to the Share Disposal dated 12 November 2012, any excess in funds allocated for estimated expenses relating to the Share Disposal will be used for capital expenditure. MISC BERHAD - Annual Report 2014 p 132 ADDITIONAL COMPLIANCE INFORMATION
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