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Lifebrandz to continue to explore, source new business ventures

Monday, February 27, 2017 - 21:58

LIFEBRANDZ said on Monday it would continue to explore, source and discuss new business transaction ventures with potential parties, following the termination of the proposed acquisition of Natural Essence Group.

In a filing to the bourse operator, the firm said it would also work with various professionals, service arrangers and business associates for recommendations and referrals to facilitate such business opportunities for the group.

The group also said it has been in the direction to raise funds through new placement exercises. On Jan 24 this year, it announced the proposed issuance of 122.4 million new shares with up to 122.4 million free detachable warrants.

"The director/shareholder will continue to provide financial and business support to the company to ensure smooth operations and compliance for the group.

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"The management has communicated to the auditors that the stated direction and financial support will have sufficient funding to settle the company's liabilities as and when due. Accordingly, the board is of the opinion that based on the above, the company is able to continue as a going concern," it said.

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