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NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2013
30.
Usage of proceeds from the initial public offering (“IPO”)
The Company raised net proceeds of S$68,033,985 (after deducting IPO expenses of S$3,966,015) from its IPO
on 7 February 2013. As at 31 December 2013, no amount has been utilized. The amount of which utilisation as at
the date of this report is as follows:
S$
Building of a new school campus
1,200,000
Balance proceeds
66,833,985
31.
Authorisation for issue of financial statements
The consolidated financial statements for the year ended 31 December 2013 were authorised for issue in accordance
with a resolution of the directors on 13 March 2014.
Overseas Education Limited AR 2013
INVESTING IN EDUCATION
76