GHL System Berhad Annual Report 2018

a n n u a l r e p o r t 2 0 1 8 161 7. Direct and Indirect Interests of the Directors and Substantial Shareholders The effects of the Proposed Share 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 29 March 2019, are as follow: 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 % Actis Stark (Mauritius) Limited 291,536,049 39.50 - - 291,536,049 43.89 - - Loh Wee Hian 85,371,184 11.57 45,776,491 6.20 85,371,184 12.85 45,776,491 6.89 APIS Growth 14 Ltd 69,666,500 9.44 - - 69,666,500 10.49 - - Notes: *(a) Adjusted for the number of treasury shares held as at 29 March 2019 *(b) Assuming that 10% of the issued and paid up capital is purchased and retained as treasury shares. Director 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 11.57 45,776,491 6.20 85,371,184 12.85 45,776,491 6.89 Notes: *(a) Adjusted for the number of treasury shares held as at 29 March 2019 *(b) Assuming that 10% of the issued and paid up capital is purchased and retained as treasury shares. 8. Effects of Proposed Share Buy-Back Assuming that the Company buys back up to 73,801,493 GHL Shares representing 10% of its issued and paid- up share capital as at 29 March 2019 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 follow: 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 29 March 2019 to be reduced from RM314,375,960 comprising 738,014,933 GHL Shares to RM282,938,364 comprising 664,213,440 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. STAT EMENT TO SHAREHOLDERS I N R E L A T I O N T O T H E P R O P O S E D R E N E W A L O F A U T H O R I T Y F O R T H E C O M P A N Y T O P U R C H A S E I T S O W N O R D I N A R Y S H A R E S C O N T ’ D