Dyna-Mac answers SGX-ST's query

This is in connection with Dyna-Mac Holdings’ proposed share placement.

Singapore Exchange Securities Trading Limited said, “We note that the Company has a cash and bank balance of S$36.9 million as at 30 June 2012 and the proceed raised of $45.7 million will be utilized for working capital purposes. As such, please disclose the rationale for the Placement at this point in time and the specific plan for the use of proceeds.”

In response, the Board of Directors of Dyna-Mac Holdings Ltd. clarified:

The Company’s cash and bank balances of S$36.9 million as at 30 June 2012 comprise a fixed deposit of S$20 million and free cash balances of S$16.9 million. The S$20 million fixed deposit is part of the proceeds raised from our IPO in March 2011, which is ear-marked for capital investments for overseas expansion. The Company maintains cash balances of S$16.9 million for flexibility in operations, including the repayment of a 60-day revolving trade finance borrowing.

The proceeds from our recent Placement is to be used for working capital purposes to support the current and expected increase in business activities.

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