197 SECTION 5 COMMITMENT TO GOVERNANCE INTEGRATED ANNUAL REPORT 2025 ADDITIONAL COMPLIANCE INFORMATION 1. UTILISATION OF PROCEEDS RAISED FROM CORPORATE PROPOSALS On 11 December 2025, the initial public offering (“IPO”) of the Company’s subsidiary, namely Wasco Greenergy Berhad [Registration No. 202301048372 (1542286-P)] (“WGB”), on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Malaysia”) is successfully completed. The utilisation of the gross proceeds raised from the IPO as at 31 December 2025 is as follows: Purpose Proposed Utilisation RM ‘000 Actual Utilisation RM ‘000 Balance to be Utilised RM ‘000 Estimated Timeframe for Utilisation The Company 1. Business expansion and/or working capital for the Group 63,300 - 63,300 Within 24 months 2. Estimated expenses 1,700 (1,138) 562 Within 3 months Total 65,000 (1,138) 63,862 WGB 1. Expansion through investments, acquisitions and strategic partnership relating to the ownership and operation of biomass steam power plants 38,200 - 38,200 Within 36 months 2. Expansion of operation in Indonesia 5,500 - 5,500 Within 24 months 3. Capital expenditure for new equipment and machinery and upgrade of headquarters 12,500 - 12,500 Within 24 months 4. Digitalisation of business systems and processes 5,000 - 5,000 Within 36 months 5. Research and development 4,000 - 4,000 Within 24 months 6. Estimated listing expenses 9,800 (7,442) 2,358 Within 3 months Total 75,000 (7,442) 67,558 2. RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE AND PROVISION OF FINANCIAL ASSISTANCE The details of significant recurrent related party transactions conducted during the financial year ended 31 December 2025 pursuant to the shareholders’ mandate are disclosed in the Summary of Significant Recurrent Related Party Transactions as set out on page 327 of this Annual Report. 3. MATERIAL CONTRACTS There are no material contracts (not being contracts entered into in the ordinary course of business), entered into by the Company and its subsidiaries, involving the interests of the Directors, Chief Executive who is not a Director or major shareholders during the financial year ended 31 December 2025.
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