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TRIVE PROPERTY GROUP BERHAD — Capital/Financing Update 2026
May 28, 2026
71744_rns_2026-05-28_6a08fd96-6fa2-4a06-b057-81fb96faaf61.pdf
Capital/Financing Update
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TRIVE PROPERTY GROUP BERHAD ("TRIVE" OR THE "COMPANY")
VARIATION OF THE UTILISATION OF PROCEEDS RAISED FROM THE RIGHTS ISSUE WITH WARRANTS C
- INTRODUCTION
We refer to the circular to the shareholders of TRIVE dated 24 November 2020 ("Circular"), abridged prospectus dated 21 January 2021 ("Abridged Prospectus") and announcements dated 17 February 2021, 23 February 2021, 24 February 2021, 24 February 2023 and 23 February 2024, 28 February 2025 and 24 February 2026 ("Announcements") in relation to the utilisation of proceeds arising from the Rights Issue with Warrants C ("Proceeds"). Unless otherwise defined, the definitions set out in the Abridged Prospectus and Announcements shall apply herein.
The Board of Directors of TRIVE ("the Board") had on 28 February 2025 announced that it had resolved to extend the timeframe for the utilisation of the remaining unutilised balance of the Proceeds for another 12 months up to 24 February 2026 ("Extension of Time"). The Board has resolved to further extend the timeframe for the utilisation of the remaining unutilised balance of the Proceeds for another 12 months up to 24 February 2027 ("Further Revised Timeframe").
Pursuant to Paragraph 9.19 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities"), the Board wishes to announce that the Company has decided to vary the un-utilised Proceeds ("Variation").
- DETAILS OF THE VARIATION
The details and rationale of the Variation are as set out below:
| Purpose | Proposed Utilisation (RM'000) | Actual Utilisation as at LPD (RM'000) | Unutilised Proceeds as at LPD (RM'000) | Variation (RM'000) | Balance Revised Utilisation (RM'000) | Expected Timeframe for Revised Utilisation |
|---|---|---|---|---|---|---|
| Finance the Purchase Consideration for the Proposed Acquisition | 9,912 | (9,912) | - | - | - | |
| Repayment of the Term Loan | 54,017 | (54,017) | - | - | - | |
| Working capital | 34,416 | (23,892) | 10,524 | (10,524) | - | |
| Estimated expenses for the Proposals | 940 | (940) | - | - | - | |
| General working capital (Operating & administrative expenses) | - | - | - | 10,524 | 10,524 | By 24 February 2027 |
| Total | 99,285 | (88,761) | 10,524 | - | 10,524 |
- RATIONALE FOR THE VARIATION
The remaining un-utilised Proceeds were originally earmarked for the refurbishment and renovation of Persoft Tower. Following the re-assessment of the Group's operational priorities and current business requirements, the Board is of the view that the remaining un-utilised Proceeds should be re-allocated towards the Group's general working capital requirements to support the Group's ongoing operational and business needs.
- EFFECTS TO THE VARIATION
The Variation will not have any effect on the issued share capital, substantial shareholders' shareholdings, earnings and earnings per share of the Group. The Variation is expected to contribute positively to the future earnings of the Group as and when the benefits of the revised utilisation of the Proceeds are realised.
- STATEMENT BY THE BOARD
The Board having taken into consideration all aspects of the Variation, including but not limited to the rationale and effects of the Variation, and after careful deliberation, is of the opinion that the Variation is in the best interest of the Company.
- APPROVAL REQUIRED
The percentage of the variation of RM10.524 million compared to the total proceed raised by the Group of RM99.285 million is 10.59%, which is less than 25% and does not constitute a material change to the utilisation of proceeds in accordance with Paragraph 8.22 of the Main Market Listing Requirements. As such, the Variation is not subject to the approval of the shareholders of the Group and any other relevant authorities. Nevertheless, the Board shall continue to be prudent in managing the Proceeds and would disclose the status of the utilisation of Proceeds in its quarterly results and annual reports until its full utilisation.
This announcement is dated 29 May 2026.