Company Announcements
Date : 28 August 2025

OTHERS OVERSEA ENTERPRISE BERHAD (OVERSEA OR THE COMPANY) - EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM PRIVATE PLACEMENT

OVERSEA ENTERPRISE BERHAD

Type Announcement
Subject OTHERS
Description
OVERSEA ENTERPRISE BERHAD (OVERSEA OR THE COMPANY)
- EXTENSION OF TIME FOR THE UTILISATION OF PROCEEDS RAISED FROM PRIVATE PLACEMENT

Reference is made to the earlier announcements made on 28 July 2021, 8 October 2021, 11 November 2021 and 9 January 2025 in relation to the private placement of up to 396,384,000 new ordinary shares in the Company (Private Placement). The Company had on 18 November 2021 announced to Bursa Malaysia Securities Berhad on the completion of the Private Placement that the Company raised a total proceed of RM19,303,209.20.


The Board of Directors (Board) of Oversea wishes to inform that as at 28 August 2025, the Company has yet to fully utilise the proceeds raised from the Private Placement and the Board requires additional time to utilise the balance proceeds amounting to approximately RM3.346 million for the digital transformation and working capital (Extension of Time).


The Board has resolved to extend the time frame for the utilisation of the said proceeds for another 12 months period from intended timeframe of 18 November 2025 to 17 November 2026 (Revised Time Frame) to provide additional time for the Group to utilise the balance of proceeds for digital transformation and working capital. Details of the Revised Time Frame are as set out in the table below:

 

Description

Actual proceeds raised

RM’000

Actual Utilisation

RM’000

Balance unutilised Proceeds

RM’000

Variation on 9 January 2025

RM’000

Balance Utilisation after Variation RM’000

Timeframe for utilisation from receipt of proceeds i.e. 18 November 2021

Intended Timeframe

Proposed Revised Timeframe

Expansion of new restaurants

9,000

9,000

-

-

-

Within 48 months

-

-

Expansion and upgrading of manufacturing facilities

6,000

3,254

2,746

(2,746)

-

Within 48 months

-

-

Digital transformation

600

-

600

-

600

Within 48 months

17 November 2025

17 November 2026

Working capital

3,175

3,175

-

2,746

2,746

Within 48 months

17 November 2025

17 November 2026

Expenses for the proposals

528

528

-

-

-

Immediate

-

-

Total

19,303

15,957

3,346

 

3,346

-

-

-

 

The Revised Time Frame does not require the approval of any regulatory authorities or the shareholders of Oversea.

 

The Board, having considered all aspects of the proposed Extension of Time, is of the opinion that it will not have material adverse effect on the financial performance of the Group and is in the best interest of the Group.

 

The Company shall continue to be vigilant and prudent in managing the remaining proceeds raised from the Private Placement and will continue to disclose the status of the utilisation in the Company's quarterly results and annual reports until it is fully utilised.


This announcement is dated 28 August 2025.






Announcement Info

Company Name OVERSEA ENTERPRISE BERHAD
Stock Name OVERSEA
Date Announced 28 Aug 2025
Category General Announcement for PLC
Reference Number GA1-28082025-00011



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