Frontken Berhad Annual Report 2020

Annual Report 2020 50 FRONTKEN CORPORATION BERHAD 200401012517 (651020-T) ISSUES OF SHARES AND DEBENTURES During the financial year:- (a) there were no changes in the issued and paid-up share capital of the Company; and (b) there were no issues of debentures by the Company. TREASURY SHARES During the financial year, the Company did not purchase its issued ordinary shares from the open market. The shares purchased are being held as treasury shares in accordancewith Section 127(6) of the Companies Act 2016 and are presented as a deduction from total equity. As at 31 December 2020, the Company held 5,466,600 treasury shares at a carrying amount of RM663,237. The details on the treasury shares are disclosed in Note 22 to the financial statements. SHARE OPTIONS No options have been granted by the Company to any parties during the financial year to take up unissued shares of the Company. No shares have been issued during the financial year by virtue of the exercise of any option to take up unissued shares of the Company. As of the end of the financial year, there were no unissued shares of the Company under options. OTHER FINANCIAL INFORMATION Before the financial statements of the Group and of the Company were made out, the directors took reasonable steps:- (a) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for impairment losses on receivables, and satisfied themselves that there are no known bad debts and that adequate allowance had been made for impairment losses on receivables; and (b) to ensure that any current assets which were unlikely to realise their book values in the ordinary course of business had been written down to their estimated realisable values. At the date of this report, the directors are not aware of any circumstances:- (a) which would require the writing off of bad debts, or the additional allowance for impairment losses on receivables in the financial statements of the Group and of the Company; or (b) which would render the values attributed to current assets in the financial statements of the Group and of the Company misleading; or (c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate; or (d) not otherwise dealt with in this report or the financial statements which would render any amount stated in the financial statements of the Group and of the Company misleading. Directors’ Report (cont’d)