UTILISATION OF PROCEEDS RAISED FROM SUBSCRIPTION OF SHARES
The Board of Directors of Etika International Holdings Limited (the “Company”) refers to
our previous announcement dated 6 December 2012 and to the Subscription of Shares
completed on 7 January 2013 whereby the Company had raised the net proceeds
amounting to S$15,960,750 (“Proceeds”). The Company has announced on the 6
December 2012 that the Proceeds are to be used for capital expenditure and working
capital in equal proportion.
The Company wishes to announce that it has utilised a total of S$4,163,899
(RM10,272,338 equivalent) of the Proceeds, comprising S$3,860,494 (RM9,523,838
equivalent) for working capital and S$303,405 (RM748,500 equivalent) for capital
expenditure of the Group.
The Company will make further announcements upon material utilisation of the remaining
proceeds raised from the Subscription.
By order of the Board
ETIKA INTERNATIONAL HOLDINGS LIMITED
BILLY Y
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