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OTHERS PERMAJU INDUSTRIES BERHAD ("PERMAJU" OR "THE COMPANY") - EXTENSION OF TIME FOR UTILISATION OF PROCEEDS RAISED FROM THE RENOUNCEABLE RIGHTS ISSUE WITH FREE DETACHABLE WARRANTS EXERCISE ("CORPORATE EXERCISE")
PERMAJU INDUSTRIES BERHAD
Type
Announcement
Subject
OTHERS
Description
PERMAJU INDUSTRIES BERHAD ("PERMAJU" OR "THE COMPANY") - EXTENSION OF TIME FOR UTILISATION OF PROCEEDS RAISED FROM THE RENOUNCEABLE RIGHTS ISSUE WITH FREE DETACHABLE WARRANTS EXERCISE ("CORPORATE EXERCISE")
1. INTRODUCTION
Reference is made to the Company's announcement dated 6 August 2025 in relation to the variation of the utilisation of proceeds. Unless otherwise stated, the definition used herein shall have the same meaning as those defined in the said announcement.
The Board of Directors of the Company ("Board") wishes to announce that after due consideration, the Board has resolved to further extend the timeframe for the utilisation of the proceed earmarked for the establishment of an EV showroom and after-sales service centre by an additional six (6) months ("Extension of Time") until 5 February 2027.
2. DETAILS OF THE EXTENSION
As at 10th July 2026, being the latest practicable date prior to this announcement) ("LPD") Permaju had utilised RM65.69 million from the total proceeds raised from the Corporate Exercise. The details of the utilisation and the Extension of Time is set out as follows:
Purpose
Proposed Utilisation of Proceeds
(RM'000)
Amount utilised as at the LPD [date]
Balance Unutilised
(RM'000)
Initial Timeframe for the Utilisation of the corporate exercise
(From Date of Completion)
Revised Timeline for the Utilisation of Rights Issue Proceeds as announced on 6 August 2025
Revised timeline for utilisation from 5 August 2026
Importation of luxury and premium Electric Vehicles ("EV")
25,000
(25,000)
-
Within 24 months
-
-
Establishment of an EV showroom and after-sales service centre
21,000
(19,502)
1,498
Within 15 months
Within 12 months
Within 6 months
Advertising and
Promotional activities to promote EVs
3,080
(3,080)
-
Within 24 months
-
-
Working Capital
17,357
(17,357)
-
Within 24 months
Within 12 months
-
Estimated expenses for the Rights Issue
750
(750)
-
Immediate
-
-
Total
67,187
(65,689)
1,498
-
3. RATIONALE
The Extension of Time is required as additional time is needed to complete the establishment of the EV showroom and after-sales service centre and to fully utilise the remaining proceeds for their intended purpose.
4.APPROVAL REQUIRED
The Extension of time is not subject to any regulatory authorities or shareholders' approval. Nevertheless, the Board shall continue to be vigilant and prudent in managing the Rights Issue Proceeds and will continue to disclose the status of the utilisation of the Rights Issue Proceeds in its quarterly results until it is fully utilised.
The Board is of the opinion that the aforementioned Extension will not have any adverse effect on the financial performance of the Company and it is in the best interest of the Company.