1. UTILISATION OF PROCEEDS Private Placement In conjunction with the proposed acquisition of 60% equity interest in SilTerra Malaysia Sdn Bhd by the Company from Khazanah Nasional Berhad for the purchase consideration of RM163,800,000 to be satisfied entirely by cash, the Company had on 31 March 2021, announced that the Company proposes to undertake a private placement of up to 30% of the total number of issued shares of the Company to third party investor(s) to be identified later at an issue price to be determined later (“Private Placement”) On 9 April 2021, the Company announced that the listing application in relation to the Private Placement has been submitted to Bursa Malaysia Securities Berhad (“Bursa Securities”), the listing application was subsequently approved by Bursa Securities and shareholders on 27 April 2021 and 20 May 2021 respectively. On 26 April 2022, the Company announced that the timeframe to implement the Private Placement has lapsed. The Company did not intend to seek any further extension of time for the implementation of the Private Placement. The status of the utilisation of proceeds raised from the Private Placement as at 31 December 2023 is as follows: Utilisation of proceeds Timeframe for utilisation Proposed utilisation (RM’000) Actual utilisation (RM’000) Balance to be utilised (RM’000) Future viable investment Within 24 months 93,637 93,637 – Partial repayment of bank borrowings Within 6 months 20,000 20,000 – Working capital Within 12 months 49,868 49,868 – Estimated expenses Upon completion 100 100 – Total 163,605 163,605 – Proposed Private Placement The Company had on 13 September 2023 announced that the Company proposes to undertake a private placement of up to 10% of the total number of issued shares of the Company to third party investor(s) to be identified later at an issue price to be determines later in accordance with the general mandate pursuant to Sections 75 and 76 of the Companies Act 2016 (“Proposed Private Placement”). On 22 September 2023, the Company announced that the listing application in relation to the Proposed Private Placement has been submitted to Bursa Securities. On 27 September 2023, the Company announced that the listing application was subsequently approved by Bursa Securities for up to 321,531,043 placement shares to be issued pursuant to the Proposed Private Placement. The allotment of shares in relation to the Proposed Private Placement has yet to be completed. 2. AUDIT AND NON-AUDIT FEES During the 1 July 2022 to 31 December 2023 (“financial period ended 31 December 2023”), audit and non-audit fees incurred for services rendered to the Company and/or its subsidiaries (collectively referred to as “DNeX Group”) were as follows: Nature of Services Company (RM’000) DNeX Group (RM’000) Audit Service Rendered 330 1,851 Non-Audit Service Rendered 51 289 Total 381 2,140 Our Governance DAGANG NeXCHANGE BERHAD 164 ADDITIONAL COMPLIANCE INFORMATION
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