Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2023 73 DIRECTORS’ REPORT (CONT’D) 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 accordance with Section 127(6) of the Companies Act 2016 and are presented as a deduction from total equity. On 5 December 2023, the Company transferred 1,955,000 of its treasury shares for the settlement of shares granted to employees and directors of the Group under the Share Grant Plan approved by the shareholders at an Extraordinary General Meeting held on 10 June 2022. As at 31 December 2023, the Company held 7,246,250 treasury shares at a carrying amount of RM3,739,069. The details on the treasury shares are disclosed in Note 22 to the financial statements. OPTIONS GRANTED OVER UNISSUED SHARES During the financial year, no options have been granted by the Company to any parties during the financial year to take up unissued shares of the Company. SHARE GRANT PLAN The Share Grant Plan (“SGP”) of the Company is governed by the SGP By-Laws and was approved by shareholders on 10 June 2022. The SGP is to be in force for a period of 5 years effective from 17 June 2022. On 5 December 2023, the Company transferred 1,955,000 of its treasury shares for the settlement of shares granted to employees and directors of the Group under the SGP. The details of the SGP are disclosed in Note 23 to the financial statements. WARRANTS On 4 May 2021, the Company issued 524,137,195 warrants pursuant to bonus issue of warrants to all the entitled shareholders of the Company on the basis of one (1) warrant for every two (2) existing ordinary shares held in the Company. The warrants were constituted under a Deed Poll dated 14 April 2021 and each warrant entitled the registered holder the right at any time during the exercise period from 4 May 2021 to 3 May 2026 to subscribe in cash for one new ordinary share of the Company at an exercise price of RM4.00 each.
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