Datasonic Group Berhad Annual Report 2020

DATASONIC GROUP BERHAD I ANNUAL REPORT 2020 (Registration No. 200801008472 (809759-X)) 197 Notes to the Financial Statements for the financial year ended 31 March 2020 (Cont’d) 51. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (a) The Company had on 6 December 2019, proposed to establish and implement an Employees’ Share Option Scheme (“ESOS”) of up to 7.5% of the total number of issued ordinary shares of Datasonic Group Berhad (“Datasonic”) (excluding treasury shares, if any) at any point in time during the duration of the ESOS for the eligible Directors and employees of Datasonic and its subsidiaries (“Datasonic Group or Group”) (excluding dormant subsidiaries). On 24 December 2019, the additional listing application in relation to the Proposed ESOS has been submitted to Bursa Malaysia Securities Berhad (“Bursa Securities”). On 20 January 2020, Bursa Securities approved the listing of and quotation for such number of new ordinary shares in Datasonic, representing up to 7.5% of the total number of issued shares in Datasonic (excluding treasury shares, if any), to be issued pursuant to the exercise of option under the Proposed ESOS. The approval by Bursa Securities for the Proposed ESOS is subject to the following conditions:- (i) AmInvestment Bank is required to submit a confirmation to Bursa Securities of full compliance of the Proposed ESOS pursuant to paragraph 6.43(1) of the Listing Requirements and stating the effective date of implementation together with a certified true copy of the resolution passed by the shareholders in general meeting approving the Proposed ESOS; and (ii) Datasonic is required to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the exercise of options under the Proposed ESOS as at the end of each quarter together with a detailed computation of the listing fee payable. On 5 February 2020, the Company issued the Circular to the Shareholders in relation to the Proposed Establishment of an Employees’ Share Option Scheme (“ESOS”) together with the Notice of Extraordinary General Meeting. The Extraordinary General Meeting of the Companywas held at Cindai 1 & 2, Cyberview Resort & Spa, Persiaran Multimedia, 63000 Cyberjaya, Selangor Darul Ehsan on Thursday, 20 February 2020 for the purpose of considering and, if thought fit, to pass with or without any modification the following ordinary resolutions:- (i) Proposed establishment of an employees’ share option scheme (“ESOS”) of up to 7.5% of the total number of issued ordinary shares in Datasonic (excluding treasury shares, if any) at any point in time during the duration of the ESOS for the eligible Directors and employees of Datasonic Group. (ii) Proposed allocation of ESOS options to the members of Board of Directors. At the Extraordinary General Meeting held on 20 February 2020, the shareholders had approved on the proposed establishment of ESOS of up to 7.5% of the total number of issued ordinary shares of the Company and on the proposed allocation of ESOS options to the members of Boards of Directors. The ESOS Committee has been formed by the Board on 27 February 2020. To date of this report, no share option has been offered. (b) On 16 January 2020, Datasonic Technologies Sdn. Bhd. (“DTSB”), a wholly-owned subsidiary of the Company, received and accepted the Letter of Extension (“LOE”) dated 14 January 2020 fromKementerian Dalam Negeri (“KDN”) for the extension of supply for the balance of 6.1 million MyKad raw cards and MyKad consumables to the National Registration Department (“NRD”) for the period of one (1) year commencing from 1 January 2020 to 31 December 2020.