SAPPHIRE CORPORATION LIMITED
("Company")
(Incorporated in the Republic of Singapore)
(Company Registration No. 198502465W)
UPDATE ON USE OF PROCEEDS
All capitalised terms used in this Announcement which are not defined herein shall have the meanings ascribed to them in the announcements dated 2 June 2020, 3 July 2020, 9 October 2020, 24 October 2020, 26 October 2020, 30 October 2020 and 22 January 2021 ("Previous Announcements") and the circular to shareholders of the Company dated 9 October 2020 ("Circular") in relation to the Proposed Transaction.
The board of directors (the "Board" or "Directors") of the Company refers to the Previous Announcements and Circular relating to the Proposed Transaction.
The Board wishes to provide an update on the material disbursements from, the Company Usage Sum representing 28% of the Net Proceeds from the Proposed Transaction and that the Net Proceeds from the Proposed Transaction have been fully disbursed.
Material disbursements from Company Usage Sum
The Company has made further material disbursements from the Company Usage Sum. Details of the material disbursements from the Company Usage Sum are as follows:
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||
Balance amount | ||||||||||||||||||
unutilised as a | ||||||||||||||||||
Balance amount | percentage of | |||||||||||||||||
Revised allocation | Revised percentage | Total amount | unutilised | total Net | ||||||||||||||
Adjusted use of proceeds | (RMB'00) | allocation | utilised (RMB'000) | (RMB'000) | Proceeds | |||||||||||||
(a) investments into, and financing, and for | ||||||||||||||||||
supply of | materials for | urbanisation, | 50,000 | 19.5% | 50,000 | 0 | 0% | |||||||||||
infrastructure and water and environmental | ||||||||||||||||||
conservation | (WEM) projects | and | transit- |
oriented development (TOD) projects, as and when opportunities arise
(b) purchase of construction equipment by | |||||
SYE for its business, being the leasing of | |||||
warehouse and equipment and supply of | 12,415 | 4.8% | 12,415 | 0 | 0% |
materials for urbanisation projects, and | |||||
payment to Ranken Railway for site facilities | |||||
construction and loan incurred | |||||
(c) expansion of the BEM business of CJPS, | |||||
including investments into other companies | 3,000 | 1.2% | 3,000 | 0 | 0% |
undertaking the BEM business or by | |||||
increasing the headcount of CJPS
- general corporate purposes including general working capital, financing of new
business ventures through | acquisitions | 6,633 | 2.6% | 6,633 | 0 | 0% |
and/or strategic investments as and when | ||||||
opportunities arise, and share buy-back | ||||||
exercises to Shareholders | ||||||
Total | 72,048 | 28.0% | 72,048 | 0 | 0% |
By Order of the Board of
Sapphire Corporation Limited
Wang Heng
Executive Director and Chief Executive Officer
15 February 2022