Frontken Berhad Annual Report 2020

Annual Report 2020 47 FRONTKEN CORPORATION BERHAD 200401012517 (651020-T) 1. Share Buy-back At the Sixteenth Annual General Meeting held on 5 August 2020, the shareholders of the Company granted authority to the Company to purchase its own shares provided that the aggregate number of shares purchased shall not exceed 10% of the total number of issued shares of the Company at the time of purchase. There were no transactions carried out under the Company’s share buy-back during the financial year. As at 31 December 2020, the Company held 5,466,600 treasury shares out of its total number of issued shares of 1,053,435,130 ordinary shares. Such treasury shares were held at a carrying amount of RM663,237. There was no resale or cancellation of treasury shares during the financial year. 2. Audit Fees and Non-Audit Fees During the financial year, the audit fees paid or payable by the Company and the Group to our external auditors in respect of audit of the financial statements for the financial year ended31December 2020 amounted to approximately RM123,000 and RM562,000 respectively. The non-audit fees paid or payable to a member firm of external auditors, Crowe Malaysia PLT by the Company and the Group during the financial year ended 31 December 2020 amounted to approximately RM5,000 and RM10,000 respectively. 3. Material Contract There were no material contracts entered into by the Company and its subsidiaries involving the interest of the Directors and/or major shareholders of the Company, either still subsisting at the end of the financial year, or which were entered into since the end of the previous financial year. ADDITIONAL DISCLOSURE