Corporate News
Proposed Placement Of Up To 40, 000, 000 New Ordinary Shares Of HK$0.20 Each In The Capital Of Willas-Array Electronics (Holdings) Limited (Undertaking by the Company)
Further to our announcement on 27 October 2003 in relation to the Singapore Exchange Securities Trading Limited (the "SGX-ST") granting approval in-principle for the listing and quotation of 40,000,000 new ordinary shares of HK$0.20 each (the "New Shares") in the capital of Willas-Array Electronics (Holdings) Limited (the "Company"), the Board of Directors of the Company wishes to further announce that the approval in-principle granted by the SGX-ST is subject to the submission of an undertaking by the Company to the SGX-ST to:-
(i) make periodic announcements on the utilization of the placement proceeds as and when the funds from the placement are materially disbursed; and
(ii) provide a status report on the use of the placement proceeds in the annual report.
The above-mentioned undertaking by the Company has been submitted to the SGX-ST today. The SGX-ST's approval in-principle is not an indication of the merits of the proposed placement, the Company or the New Shares.
