Variation In Utilisation of Proceeds Arising From the Initial Public Offering ("IPO") of the Company on The Main Board Of Bursa Malaysia Securities Berhad On 12th September 2003

BackDec 26, 2007
Reference is made to the IPO completed in 2003. Further details of the IPO were contained in the Prospectus of the Company dated 8 August 2003.

For information purpose, the Company raised RM60.548 million from the IPO ("IPO Proceeds"). Out of the total IPO Proceeds, RM25 million was earmarked for acquisition of land for property development and investment ("Proceeds for Acquisition").

As at 30 September 2007, Company has partly utilised RM6.039 million out of the Proceeds for Acquisition. The Company intends to utilise up to RM15 million from the unutilised portion of the Proceeds for Acquisition (RM18.961 million) for working capital requirements of the Company and its subsidiaries to better fund its on-going projects.

Dated this 26th day of December 2007.