Wah Seong Corporation Berhad Annual Report 2020

162 WAH SEONG CORPORATION BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 25 TREASURY SHARES (CONTINUED) As treasury shares, the rights attached as to voting, dividends and participation in other distribution, whether cash or otherwise, of the Company’s assets including any distribution of assets upon winding up are suspended and the treasury shares shall not be taken into account in calculating the number or percentage of shares or of a class of shares for any purposes including substantial shareholdings, takeovers, notices, the requisitioning of meetings, the quorum for a meeting and the result of a vote on a resolution at a meeting. On 8 April 2020, a total of 3,849,884 treasury shares were distributed to the shareholders on the basis of one (1) WSC treasury share for every two hundred (200) existing WSC ordinary shares held at the entitlement date on 12 March 2020 as single tier share dividend, being part of the first interim dividend of 1.00 sen per share in respect of the financial year ended 31 December 2020. 26 TRADE AND OTHER PAYABLES Group Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Current Trade payables 91,760 162,633 - - Other payables and accruals 113,405 110,099 5,361 5,479 Deposit from customers 30,520 9,496 - - Provision for gratuity 10,560 9,518 10,560 9,518 246,245 291,746 15,921 14,997 Non-current Provision for gratuity 18,515 - - - Other liabilities 8,274 7,674 - - 26,789 7,674 - - Value added tax payables amounting to RM5,071,000 (2019: RM2,122,000) are included within ‘other payables and accruals’. Provision for gratuity relates to gratuity provision for key management personnel. The movement of the provision during the financial year is as follows: Group Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 At 1 January 9,518 8,525 9,518 8,525 Additions 19,832 993 1,042 993 Effect of exchange rate changes (275) - - - At 31 December 29,075 9,518 10,560 9,518