DUTY FREE INTERNATIONAL LIMITED
(Company Registration No. 200102393E)
(Incorporated in the Republic of Singapore)
USE OF PROCEEDS FROM SHARE PLACEMENT EXERCISES
The board of directors ("Board") of Duty Free International Limited ("Company") refers to its announcements released on 7 March 2016, 24 March 2016, 11 August 2016, 26 August 2016 and 23 March 2017 ("Announcements") in relation to the issue and allotment of an aggregate of 128.65 million new ordinary shares in the capital of the Company pursuant to five placement exercises ("Placement Exercises") and the announcements released on 8 August 2018, 9 November 2018 and 5 December 2018 relating to the use of proceeds from Placement Exercises.
The Company wishes to update all shareholders that the Company has on 7 December 2021 utilised USD12.461 million (or approximately SGD16.997 million based on the exchange rate of USD1.00:SGD1.364) in relation to the acquisition of 31,494,575 ordinary shares in DFZ Capital Sdn Bhd announced on 7 December 2021. The use of net proceeds from the Placement Exercises of approximately SGD43.60 million ("Net Proceeds") are as follows: -
90% for general | 10% for general | Net total | |
corporate | working capital | ||
requirements including | including but not | ||
but not limited to | limited to renovation | ||
acquisition and funding | and upgrading of | ||
of potential business | business outlets | ||
opportunities | |||
Description | (SGD'000) | (SGD'000) | (SGD'000) |
Net Proceeds | 39,240 | 4,360 | 43,600 |
Net Proceeds utilised as | 3,820 | 2,260 | 6,080 |
announced on 8 August 2018, | |||
9 November 2018 and 5 | |||
December 2018 | |||
Net Proceeds utilised as | 14,909 | 2,088 | 16,997 |
announced herein | |||
Balance of Net Proceeds as | 20,511 | 12 | 20,523 |
at 7 December 2021 | |||
The above utilisation of the Net Proceeds is consistent with the intended use of the Net Proceeds as disclosed in the Company's previous announcements released in relation to the Placement Exercises.
The Company will make periodic announcement on the utilisation of Net Proceeds as and when the balance of the Net Proceeds is materially disbursed.
BY ORDER OF THE BOARD
DUTY FREE INTERNATIONAL LIMITED
Lee Sze Siang
Executive Director
7 December 2021
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Duty Free International Limited published this content on 07 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 December 2021 10:31:04 UTC.