(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcement dated 28 July 2021 in relation to the Private Placement, where applicable, unless stated otherwise or defined herein.) 

The Board of Directors (Board) of Oversea wishes to inform that as at 30 November 2023, the Company has yet to fully utilise the proceeds raised from the Private Placement and the Board requires additional time to utilise the balance proceeds amounting to approximately RM3.590 million for expansion and upgrading of manufacturing facilities and digital transformation (Extension of Time).

The Board has resolved to extend the time frame for the utilisation of the said proceeds for another 12 months period from 18 November 2023 to 17 November 2024 (Revised Time Frame) to provide additional time for the Group to utilise the balance of proceeds for expansion and upgrading of manufacturing facilities and digital transformation. Details of the Revised Time Frame are as set out in the table below:

The Revised Time Frame does not require the approval of any regulatory authorities or the shareholders of Oversea.

The Board, having considered all aspects of the proposed Extension of Time, is of the opinion that it will not have material adverse effect on the financial performance of the Group and is in the best interest of the Group.

The Company shall continue to be vigilant and prudent in managing the remaining proceeds raised from the Private Placement and will continue to disclose the status of the utilisation in the Company's quarterly results and annual reports until it is fully utilised.

This announcement is dated 30 November 2023.