EFI: Report on use of proceeds
Education Financial Investment Joint Stock Company (HNX: EFI) reports the use of proceeds in the issue of 9,855,700 shares approved by the State Securities Commission on 26/04/2010 as follows:
1. Net proceeds: VND121,839,950,000
2. Use of proceeds:
The purpose of the issue is to raise fund to invest in 187 Giang Vo Complex City Project.
Before the issue, the Company invested VND4,500,000,000 into the Project. However, the capital has not been disbursed as this is a high building in the urban of Hanoi. Currently, the project needs adjusting according Correspondence from the People’s Committee of Hanoi and The Department of Planning and Architecture of Hanoi.
Thus, the project will be implemented in 2011 and the proceeds will be disbursed for the implementation of the project.
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