GREEN OCEAN: GLOVE-DIPPING LINES TO BE FUNDED FROM RIGHTS ISSUE, PLACEMENT

KUALA LUMPUR, July 12 -- Green Ocean Corporation Bhd said the sources of funds for the total contract price awarded to AE Multi Industries Sdn Bhd for the design, fabricate, instal and commissioning of the glove-dipping lines will be from the available funds from its rights issue which was completed on Jan 4, 2021.

Replying to a query from Bursa Malaysia, Green Ocean said part of the funds would also come from the proposed private placement announced on June 14, 2021, and any shortfall shall be met via internally generated funds/ and or bank borrowings.

"However, the funding breakdown cannot be determined at this juncture as it would depend on the actual amount to be raised from the proposed private placement as well as the availability and suitability of other funding options at the relevant time," it said.

The company said it would submit applications to the local district council to obtain business licences and the Malaysia Rubber Board to obtain manufacturing licence to operate the glove business in October 2021.

It will also submit applications to the Malaysian Investment Development Authority and the Ministry of International Trade and Industry to obtain manufacturing license and to obtain CE Marking Certification in November or December this year.

"Barring unforeseen circumstances, the expected date of commencement of installation and commissioning of the first glove-dipping line shall be in October 2021.

"The installation is expected to take approximately two to three months for each glove-dipping line," Green Ocean said.

-- BERNAMA