Sasbadi Annual Report 2021

104 SASBADI HOLDINGS BERHAD FINANCIAL STATEMENTS (continued) 104 18. SHARE CAPITAL AND RESERVES (continued) (e) Revaluation reserve The revaluation reserve relates to the revaluation of condominiums, leasehold land and buildings. (f) Share option reserve Share option reserve represents the effect of equity-settled share option granted to employees. This reserve is made up of the cumulative value of services received from employees for the issue of share option. Share option reserve in relation to the unexercised option at the expiry of the share option scheme will be transferred to retained earnings. Employees’ share option scheme (“ESOS”) The salient features of the Company’s ESOS are, inter alia, as follows: i) The maximum number of shares which may be issued and allotted pursuant to the ESOS shall not exceed 10% of the total number of issued shares of the Company (excluding treasury shares, if any), at any point of time during the duration of the ESOS; ii) Any employee or executive director of the Group is eligible to participate in the ESOS provided that, as at the date of offer: (a) The employee or executive director is a Malaysian citizen who has attained eighteen (18) years of age; (b) The employee or executive director is not an undischarged bankrupt nor subject to any bankruptcy proceedings; (c) The employee or executive director must have been confirmed in service and have served at least six (6) months in the employment of the Group; (d) Where the employee or executive director is under an employment contract, the contract is for a duration of at least one (1) year and shall have not expired within three (3) months from the date of offer; and (e) The employee or executive director has fulfilled any other criteria as may be imposed by the ESOS Committee from time to time. Notwithstanding the above, the ESOS Committee may, at its sole and absolute discretion, waive any of the eligibility conditions set out above. iii) Not more than 10% of the shares available under the ESOS shall be allocated to any individual eligible person, who, either singly or collectively through persons connected with the eligible person, holds 20% or more of the total number of issued shares (excluding treasury shares, if any) of the Company;