The Board of Directors of Debao Property Development Ltd. (the “Company”) refers to the initial public offering of the Company’s shares (the “IPO”) on 12 April 2010, the Company’s prospectus dated 31 March 2010 (the “Prospectus”) and the announcement dated 28 February 2011 (the “Announcement”).
Unless otherwise defined herein, all terms and references used in this announcement shall bear the meanings ascribed to them in the Announcement. The Company wishes to provide an update on the IPO Proceeds. In accordance with the use of proceeds described under “Use of Proceeds and Listing Expenses” of the Prospectus, the Company has utilised approximately S$2.5 million since the Announcement, comprising: (a) approximately S$0.5 million for the payment of tax for acquisition of a piece of land at Industrial Avenue, Danzao Town, Nanhai District, Foshan City, Guangdong Province, the People’s Republic of China; and (b) approximately S$2.0 million for acquisition of a piece of land at Sihui Avenue, Dongcheng, Sihui City, Guangdong Province, the People’s Republic of China. Details of the use of IPO proceeds to-date as follows:Intended Use per the Prospectus | Amount allocated (S$’000) (A) | Cumulative Amount Utilised to 30/4/2011 (S$’000) (B) | Amount Utilised from 1/5/2011 to 5/8/2011 (S$’000) (C) | Balance Amount (S$’000) (A)-(B)-(C) |
For our existing property development projects | 25,000 | 25,000 | - | - |
Acquisition of new development sites and investment properties | 13,000 | 7,424 | 2,527 | 3,049 |
General corporate and working capital requirements | 9,930 | 9,930 | - | - |
Net IPO Proceeds | 47,930 | 42,354 | 2,527 | 3,049 |
The Company will continue to provide periodic updates on the use of the balance of the IPO Proceeds.
By order of the Board Yuan Le Sheng Executive Chairman and CEO 5 August 2011 Kim Eng Corporate Finance Pte. Ltd. was the issue manager ("Issue Manager") for the Company’s initial public offering. The Issue Manager assumes no responsibility for the contents of this announcement.