Hoe Leong Corporation Ltd.

(Incorporated in the Republic of Singapore)

(Company Registration Number 199408433W)

USE OF PROCEEDS FROM ISSUANCE OF CONVERTIBLE LOAN NOTE

The Board of Directors (the "Board") of Hoe Leong Corporation Ltd. (the "Company" and together with its subsidiaries, the "Group") refers to the Company's Circular to Shareholders dated 1 June 2021 (the "Circular") and announcement dated 23 June 2021 in relation to the the issuance of Convertible Loan Note to the Investor (the "Completion Announcement").

Unless otherwise defined, capitalised terms used herein shall have the meanings as ascribed in the Circular and the Completion Announcement.

The Board wishes to update on the use of proceeds from issuance of Convertible Loan Note of S$3 million as follows:

Amount

Amount used up to

Amount unused as

the date of this

at the date of this

Use of proceeds (As set out in the Circular)

allocated

announcement

announcement

S$'000

S$'000

S$'000

General working capital (and any

3,000

(744)

2,256

potential investments in plant and

equipment for expansion and

enhancement of operational capacity)

A breakdown of the use of proceeds for general working capital purposes is as follows:

S$'000

Purchases from suppliers and subcontractors

325

Rental expenses

135

Legal and professional fees

114

Payroll costs

142

Other expenses

28

Total

744

The use of proceeds from issuance of Convertible Loan Note is in accordance with the intended use as disclosed in the Circular. The Company will make periodic announcements as and when the unused proceeds are materially disbursed.

By Order of the Board

Liew Yoke Pheng Joseph

Executive Chairman and CEO

13 July 2021

Attachments

  • Original document
  • Permalink

Disclaimer

Hoe Leong Corporation Ltd. published this content on 13 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2021 11:20:01 UTC.