GHL System Berhad Annual Report 2017

ANNUAL REPORT 2017 141 STATEMENT TO SHAREHOLDERS In relation to the Proposed Renewal of Authority for the Company to Purchase its own Ordinary Shares CONT’D 7. Direct and Indirect Interests of the Directors and Substantial Shareholders The effects of the Proposed Shares Buy-Back on the Substantial shareholders’ and Directors’ shareholdings based on the Register of Substantial Shareholders and the Register of Directors’ Shareholdings respectively as at 21 March 2018 are as follows: Substantial Shareholders Before the Proposed Share Buy-Back*(a) After the Proposed Share Buy-Back*(b) Direct Indirect Direct Indirect No. of shares % No. of shares % No. of shares % No. of shares % Loh Wee Hian 85,371,184 12.95 45,776,491 6.94 85,371,184 14.38 45,776,491 7.71 Actis Stark (Mauritius) Limited 291,536,049 44.21 - - 291,536,049 49.12 - - Notes: *(a) Adjusted for the number of treasury shares held as at 21 March 2018 *(b) Assuming that 10% of the issued and paid up capital is purchased and retained as treasury shares. Directors Before the Proposed Share Buy-Back*(a) After the Proposed Share Buy-Back*(b) Direct Indirect Direct Indirect No. of shares % No. of shares % No. of shares % No. of shares % Loh Wee Hian 85,371,184 12.95 45,776,491 6.94 85,371,184 14.38 45,776,491 7.71 Fong Seow Kee 1,861,950 0.28 635,175 0.10 1,861,950 0.31 635,175 0.11 Notes: *(a) Adjusted for the number of treasury shares held as at 21 March 2018 *(b) Assuming that 10% of the issued and paid up capital is purchased and retained as treasury shares. 8. Effects of Proposed Shares Buy-Back Assuming that the Company buys back up to 65,944,499 GHL Shares representing 10% of its issued and paid-up share capital as at 21 March 2018 and such shares purchased are cancelled or alternatively be retained as treasury shares or both, the financial effects of the Proposed Share Buy-Back on the share capital of the Company, Net Assets, working capital, earnings and dividends of GHL are as follows: 8.1 Share Capital In the event that all GHL shares purchased are cancelled, the Proposed Share Buy-Back will result in the issued and paid up share capital of GHL as at 21 March 2018 to be reduced from RM208,109,527 comprising 659,444,992 GHL Shares to RM187,023,312 comprising 593,500,493 GHL Shares. It is not expected to have any effect on the issued and paid up capital if all GHL Shares purchased are to be retained as treasury shares. The effect of the Proposed Shares Buy-Back on the issued and paid up share capital of GHL are illustrated below: No of Shares RM Issued and paid up share capital as at 31 December 2017, inclusive of 678,601 shares held as Treasury Shares 659,444,992 208,109,527 Issued and paid up share capital as at 21 March 2018 659,444,992 208,109,527 After share purchase and cancellation 593,500,493 #187,298,574 Notes: # Assuming up to 10% of the issued and paid up capital of GHL or 65,944,499 GHL Shares are purchased and cancelled.