General Announcement
Reference No
O&-060116-63083
Submitting Merchant Bank
:
K & N KENANGA BHD
Company Name
:
ASIAEP BHD
(MESDAQ Market)
Stock Name
:
ASIAEP
Date Announced
:
16/01/2006
Type
:
Announcement
Subject
:
AsiaEP Berhad ("AsiaEP" or the "Company")
Utilisation of Listing Proceeds
Contents :
Reference is made to the Company's prospectus dated 26 December 2003 in respect of the Company's listing proceeds pursuant to its public issue offer of 60,000,000 AsiaEP ordinary shares of RM0.10 each at an issue price of RM0.30 each (the
"Prospectus"
).
Pursuant to the Prospectus, the expected timeframe for utilisation of the proceeds under "Investment in Foreign Countries" amounting to RM5,000,000 was 24 months from the Company's listing date, being 16 January 2004. As at the date of this announcement, approximately RM3.2 million of the total RM5.0 million under the listing proceeds allocated for investments in foreign countries have been utilised by the Company for its intended purpose.
As a result, the Company is unable to fully utilise the remaining listing proceeds allocated for investments in foreign countries of approximately RM1.8 million within the expected timeframe as stipulated in the Prospectus.
We, K&N Kenanga Bhd, wish to announce for and on behalf of the Company that the Company had on 12 January 2006 applied to the Securities Commission (
"SC"
) to extend the timeframe to completely utilise the amount as set out above by another nine (9) months to 15 October 2006 (the
"Application"
) in view of, amongst others, the current proposal to acquire the entire issued and paid-up share capital of Conversant Solutions Pte Ltd as announced on 7 October 2005.
Any further developments in the Application will be announced in due course.
This announcement is dated 16 January 2006.