26 Apr

26/04/2011 – Others

General Announcement
Reference No CM-110426-53957
Company Name
:
CAREPLUS GROUP BERHAD (ACE Market) 
Stock Name
:
CAREPLS  
Date Announced
:
26/04/2011  
Admission Sponsor
:
OSK Investment Bank Bhd
Sponsor
:
Same as above
Type
:
Announcement
Subject
:
OTHERS
Description
:
CAREPLUS GROUP BERHAD (“CAREPLUS” OR THE “COMPANY”)
VARIATION TO THE UTILISATION OF PROCEEDS RAISED FROM THE INITIAL PUBLIC OFFERING OF CAREPLUS
Announcement Details/Table Section :

In conjunction with its listing on the ACE Market of Bursa Malaysia Securities Berhad on 6 December 2010, the Company had raised proceeds of RM14,961,500 from the public issue of 65,050,000 new ordinary shares of RM0.10 each at the issue price of RM0.23 per share, and the status of utilisation of the proceeds as at the date of this announcement is as follows:

Description Proposed Utilisation   Actual Utilisation Deviation
  (RM’000)   (RM’000) (RM’000) (%)
Capital expenditure
1 .   §         Two (2) production lines 4,750   4,750 - 0.0
2 .   §         Biomass plant and heating system 4,050   - 4,050 100.0
3 .   §         Chilled water supply 500   500 - 0.0
4 .   §         Compressed air supply 300   300 - 0.0
5 .   §         Wastewater treatment 500   500 - 0.0
Working capital 3,262   3,262 - 0.0
Estimated listing expenses 1,700   1,700 - 0.0
           
TOTAL *15,062   11,012    

Note:
* The remaining balance will be funded through internally-generated fund.

Pursuant to the above, the Board of Directors of Careplus wishes to announce that the Company intends to vary the remaining unutilised proceeds of RM4.05 million to part finance the construction of the new factory located at Lot 17479, Jalan Senawang Empat, Senawang Industrial Estate, 70450 Seremban, Negeri Sembilan Darul Khusus, amounting RM3.5 million and the remaining RM550,000 to be utilised for the purchase of supporting equipments installed to the two (2) new production lines, rather than to fund the purchase and setting up of the biomass plant and heating system.

The said variation is announced after taking into consideration the lower interest rate that the Company could obtain from bank borrowings under the Green Technology Financing Scheme, an incentive scheme introduced by the government of Malaysia to encourage the supply and usage of green technologies.

This announcement is dated 26 April 2011.