Kimlun Corporation Berhad Annual Report 2019

Annual Report 2019 Kimlun Corporation Berhad NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2019 (cont’d) 141 28. Share capital and treasury shares (cont'd) (a) Share capital (b) Treasury shares 29. Retained earnings During the financial year, the Company increased its issued and paid-up ordinary share capital from RM237,451,519 to RM247,278,704 by way of issuance of 7,929,839 ordinary shares arising from the DRP pertaining to the final (single tier) dividend of 3.70 sen per share in respect of the financial year ended 31 December 2018. Treasury shares relate to ordinary shares of the Company that are held by the Company. The amount consists of the acquisition costs of treasury shares. The directors of the Company are committed to enhance the value of the Company for its shareholders and believe that the share purchase plan can be applied in the best interests of the Company and its shareholders. The new ordinary shares issued rank pari passu in all respects with the existing ordinary shares of the Company. Dividends to owners of the Company and non-controlling interests are recognised in the statement of changes in equity in the period in which they are declared. The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restrictions and rank equally with regard to the Company's residual assets. The entire retained earnings of the Company as at 31 December 2019 and 2018 may be distributed as dividends under single tier system.