Use of Proceeds - update
The Company was admitted to the Official List of the SGX-ST on 21 December 2009 and raised net proceeds of $25.6 million. As at the
date of this report, the Group has utilized the net proceeds as follows:
The allocation of each principal intended use of proceeds is set out below:
The Company will continue to make periodic announcement via SGXNET on the utilization of the balance of the proceeds from the IPO
as and when such proceeds are materially disbursed.
Intended Use
Amount allocated
$ ‘000
Amount utilized
$’000
Balance
$’000
Acquisition of central workshop
4,000
-
4,000
Acquisition of equipment and machinery
8,000
6,073
1,927
Working capital
13,600
13,600
-
Total
25,600
19,673
5,927
CORPORATE GOVERNANCE REPORT
Hock Lian Seng Holdings Limited
Annual report 2014
27
