FINANCIAL STATEMENTS (continued) 105 17. SHARE CAPITAL AND RESERVES (continued) (a) Share capital (continued) i) The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one (1) vote per share at meetings of the Company. All ordinary shares rank pari passu with regard to the residual assets of the Company. ii) During the financial year, the issued and fully paid-up ordinary shares of the Company was increased from 424,174,500 to 424,584,500 by way of issuance of 260,000 and 150,000 new ordinary shares pursuant to options exercised under the ESOS at an exercise price of RM0.12 and RM0.10 respectively per ordinary share for cash. (b) Treasury shares The shareholders of the Company, by an ordinary resolution passed at the annual general meeting held on 16 February 2022, renewed their approval for the Company’s plan to purchase up to ten percent (10%) of the total number of issued shares at any point of time. The purchased shares are being held as treasury shares in accordance with the requirements under Section 127 of the Companies Act 2016. (c) Merger deficit The merger deficit comprises the differences between the cost of acquisition and the nominal value of shares acquired during the acquisition of Sasbadi Sdn. Bhd. in 2014. (d) Fair value reserve The fair value reserve comprises the cumulative net change in the fair value of equity instruments designated at fair value through other comprehensive income until the investments are derecognised or impaired. (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. 105 ANNUAL REPORT 2022
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