Wah Seong Corporation Berhad Annual Report 2018

37 EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY The basic earnings per share for the financial year has been calculated by dividing the Group’s profit attributable to owners of the Company for the financial year of RM64,797,000 (2017: RM113,021,000) by the weighted average number of ordinary shares in issue, after adjusting for movements in treasury shares during the financial year. Weighted average number of shares Group 2018 2017 ’000 ’000 Issued ordinary shares at 1 January 774,887 774,887 Effect of shares repurchased (2,786) (2,096) Weighted average number of ordinary shares in issue 772,101 772,791 Basic earnings per ordinary share (sen) 8.39 14.63 As there are no potential ordinary shares issued by the Company, thus there is no dilution in earnings per share. 38 DISPOSAL OF SUBSIDIARY Disposal of subsidiary in the previous financial year On 21 December 2017, the Company and WSC Capital Sdn. Bhd. (“WSC Capital”), a direct wholly-owned subsidiary of the Company had disposed of 2,000,001 ordinary shares and 3,000,000 redeemable preference shares of WS Agro Industries Pte. Ltd. (“WS Agro”), representing 100% equity interest in WS Agro, for a total cash consideration of USD6,000,000. As a result of the disposal, WS Agro ceased to be a wholly-owned subsidiary of the Company. Details of the disposal and the net cash flow on disposal are as follows: At the date of disposal RM’000 Investment in associate 24,104 Other receivables 59 Amount owing by associate 1,785 Cash and bank balances 5 Other payables (15) Amount owing to related company (1) Group share of net assets disposed 25,937 Net disposal proceeds 24,469 Net loss on disposal before reclassification of foreign currency translation reserve (1,468) Reclassification of foreign currency translation reserve to profit or loss (6,895) Net loss on disposal (8,363) Less: Cash and bank balances of subsidiary disposed (5) Proceeds receivable 8,363 Net cash outflow on disposal (5) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 WAH SEONG CORPORATION BERHAD 160