Revision Of The Utilisation Of The Remaining Proceeds From The Rights Issue Completed On 18 February 1997
BackApr 08, 1999
| General Announcement Reference No MM-990407-33549 |
| Submitting Merchant Bank | : | ARAB-MALAYSIAN MERCHANT BANK BERHAD |
| Company Name | : | RELIANCE PACIFIC BERHAD |
| Stock Name | : | RPB |
| Date Announced | : | 08/04/1999 |
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|
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| Type | : | Announcement |
| Subject | : | Revision of The Utilisation of The Remaining Proceeds from The Rights Issue Completed On 18 February 1997 |
Contents :
Pursuant to the announcement dated 15 June 1998, Arab-Malaysian Merchant Bank Berhad, on behalf of RPB, wishes to announce that RPB had proposed to revise the utilisation of the remaining unutilised rights issue proceeds of RM1,407,000 for new purposes as illustrated in Table 1. In addition, RPB had also proposed to extend the deadline for the utilisation of the remaining proceeds from 31 March 1999 to 30 September 1999.
In this respect, the SC has on 31 March 1999 approved the revision in the utilisation and extension of the deadline for the utilisation of the remaining proceeds as proposed by RPB.
In this respect, the SC has on 31 March 1999 approved the revision in the utilisation and extension of the deadline for the utilisation of the remaining proceeds as proposed by RPB.
Table 1
| Purpose |
As approved previously
RM |
As revised
RM |
|
|
|
| Upgrading of the computer system of RPB Group to comply with the "Y2K" requirement |
1,407,000
|
907,000
|
|
|
|
| Working capital requirement of Admiral Marina Bhd ("AMB") * |
-
|
500,000
|
|
|
|
|
1,407,000
|
1,407,000
|
|
|
|
* AMB is a wholly-owned subsidiary of RPBandis involved in operating a marina club with berthing facilities known as "Admiral Marina Club" in Port Dickson, Negeri Sembilan. Admiral Marina Club is part of an integrated tourism development project undertaken by the Group which has received the approval of the Ministry of Culture, Arts and Tourism as a designated tourism project. The club has begun operation on 29 December 1998.
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