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PR Newswire
26-10-2011, 10:55 AM
Quote:The Company intends to utilise the Net Proceeds for the following purposes:
(a) approximately 80% of the Net Proceeds for capital expenditure and strategic investments; and
(b) approximately 20% of the Net Proceeds for working capital.
Pending the deployment of the Net Proceeds, the Net Proceeds may be deposited with banks and/or financial institutions or used for investment in short-term money markets or debt instruments or used for other purposes on a short-term basis as the Directors may deem appropriate in the interests of the Company.
The Company will make periodic announcements on the utilisation of the proceeds from the Rights Issue, as the funds from the Rights Issue are materially disbursed, and provide a status report on the use of the proceeds from the Rights Issue in the Company's annual report.
It depends on whether you are comfortable with the above statement.haha..
Anyway, it is known that China companies are interested in investing in Africa and GMG seems to be a good proxy to do the job. Sinochem will be pumping the main bulk of cash into GMG and the $$$ will be in Singapore until it is used. Easier for auditors to check haha...(no need to deal with Xiamen banks...)