Wah Seong Corporation Berhad Annual Report 2018

25 SHARE CAPITAL Group and Company 2018 2017 Number Carrying Number Carrying of shares value of shares value ’000 RM’000 ’000 RM’000 Issued and fully paid: At 1 January - Ordinary shares with no-par value (31 January 2017: RM0.50 each) 774,887 547,690 774,887 387,444 Transition to no-par value regime on 31 January 2017 (Note 26) - - - 160,246 At 31 December - Ordinary shares with no-par value 774,887 547,690 774,887 547,690 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. 26 SHARE PREMIUM Group and Company 2018 2017 RM’000 RM’000 At 1 January - 160,246 Transition to no-par value regime on 31 January 2017 (Note 25) - (160,246) At 31 December - - 27 TREASURY SHARES Group and Company 2018 2017 Number Number of shares Amount of shares Amount ‘000 RM’000 ‘000 RM’000 At 1 January 2,097 2,331 2,097 2,331 Shares repurchased 2,330 2,448 - - At 31 December 4,427 4,779 2,097 2,331 The shareholders of the Company had approved an ordinary resolution at the Eighteenth Annual General Meeting held on 25 May 2018 for the Company to purchase its own shares of up to a maximum of 10% of the total number of issued shares of the Company. The Directors of the Company are committed to enhancing the value of the Company and believe that the purchase plan is being implemented in the best interest of the Company and its shareholders. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 WAH SEONG CORPORATION BERHAD 152