Wah Seong Corporation Berhad Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 FINANCIAL STATEMENTS WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 161 24 SHARE CAPITAL Group and Company 2017 2016 Number of shares '000 Carrying value RM'000 Number of shares '000 Carrying value RM'000 Authorised: Ordinary shares of RM0.50 each at 1 January/31 December - - 2,000,000 1,000,000 Issued and fully paid: At 1 January - Ordinary shares of RM0.50 each 774,887 387,444 774,887 387,444 Transition to no-par value regime on 31 January 2017 (Note 25) - 160,246 - - At 31 December - Ordinary shares with no-par value (2016: par value of RM0.50 each) 774,887 547,690 774,887 387,444 The holders of ordinary shares (except treasury shares) are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share and rank equally with regard to the Company’s residual assets. The Companies Act, 2016 (“Act”), which came into effect on 31 January 2017, had abolished the authorised share capital and par value of share capital. Consequently, any amounts standing to the credit of the share premium account becomes part of the Company’s share capital pursuant to Section 618 (2) of the Act. There is no impact on the numbers of ordinary shares issued or the entitlement of the shareholders as a result of the Act. 25 SHARE PREMIUM Group and Company 2017 RM’000 2016 RM’000 At 1 January 160,246 160,246 Transition to no-par value regime on 31 January 2017 (Note 24) (160,246) - At 31 December - 160,246