Prescribed events which require immediate announcement
Z Bhd has disclosed in its prospectus issued for the initial public offering of Z Bhd that it expects the gross proceeds from the public issue of approximately RM35million to be fully utilised as follows:
Subsequent to the listing of Z Bhd, Z Bhd decides that it would need to purchase additional equipment and thus, Z Bhd would need a total of RM6.4 million towards the purchase of equipment. Z Bhd further decides that the additional RM400,000 would be from its working capital. Is Z Bhd required to make an immediate announcement of these changes to its proposed utilisation of proceeds?
As Z Bhd would now utilise RM6.4 million towards the purchase of equipment, Z Bhd would be required to make an immediate announcement of the changes including the deviation in the utilisation of the RM400,000 which was originally proposed for working capital purposes pursuant to paragraph 9.19(32) of the Main LR. The requisite announcement under paragraph 9.19(32) of the Main LR refers to instances of deviation to the amount allocated for a particular purpose.