Reference is made to the use of proceeds raised from the public issue (“Public Issue”) as disclosed in the Company’s prospectus dated 27 February 2020 (the “Prospectus”) issued in conjunction with the listing of the Company on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) on 18 March 2020. The Company has raised a total gross proceeds of RM16,240,000 from its Public Issue (“Public Issue Proceeds”).

On 28 October 2020, the Company had announced to Bursa Securities on the variation for the use of Public Issue Proceeds which was earmarked for the setting up of new head office and distribution centre in Johor amounting to RM2.50 million. Subsequently on 20 May 2021, the Company had announced to Bursa Securities on the extension of time for the use of the Public Issue Proceeds earmarked for the purchasing of new trucks and upgrading of IT system.

Further to the above, the Board of Directors of the Company (“Board”), after due consideration of the rationale stated in Section 3 of the attachment, has resolved to extend the timeframe of utilisation for the following:-

a) setting up of new sales outlets and lighting concept store by an additional 12 months; and

b) purchasing of new trucks and upgrading of IT system by an additional 12 months,

collectively referred to as the “Extension of Time”.

Please refer to the attachment for further details on the Extension of Time. 

This announcement is dated 8 March 2022.