NOVA MSC BERHAD
8 Sep 2004
|Subject||PROPOSED REVISION OF THE UTILISATION OF THE PROCEEDS RAISED FROM THE COMPANY’S INITIAL PUBLIC OFFERING (“PROPOSED REVISION”)|
The Board of Directors of NMSC (“Board”) wishes to announce that the Company has written to Bursa Malaysia Securities Berhad (“Bursa Securities”) and the Securities Commission (“SC”) vide its letter dated 30 August 2004 to seek approval for a reallocation of unutilised proceeds raised from its initial public offering (“IPO”). Of a total of RM15.4 million raised from the Company’s IPO in 2003, RM1.85 million that was originally earmarked for overseas projects/investments still remains unutilised (“Unutilised Proceeds”). The Board proposes to reallocate the said Unutilised Proceeds for the purposes of working capital.
As stated in NMSC’s Prospectus dated 21 July 2003, the Unutilised Proceeds of RM1.85 million was initially proposed to be used for overseas projects/investments. The sum was to be channelled towards the setting up of marketing and technical support offices or representative offices in ASEAN countries as well as in China. However, the Board is of the view that the utilisation of the Unutilised Proceeds would not materialise in the near future as the proposed overseas projects/investments under review are still at various stages of infancy.
Hence, in order to ensure that the Company continues to effectively deploy its IPO proceeds towards the interests of its shareholders, the Board of Directors of NMSC has written to Bursa Securities and to the SC to seek their kind indulgence in approving the Proposed Revision.
This announcement is dated 8 September 2004.
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