DIRECTORS’ REPORT The directors hereby present their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December 2022. PRINCIPAL ACTIVITIES The principal activities of the Company are investment holding and provision of management services. The principal activities of the subsidiaries, associate and joint ventures are disclosed in Notes 18, 19 and 20 to the financial statements respectively. There have been no significant changes in the nature of these principal activities during the financial year. RESULTS Group Company RM’000 RM’000 Loss net of tax for the financial year (410,597) (31,835) (Loss)/profit attributable to: Owners of the parent (435,587) (73,983) Holders of perpetual bond 42,148 42,148 Non-controlling interests (17,158) – (410,597) (31,835) There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the financial statements. ISSUE OF SHARES AND DEBENTURES During the financial year, the Company increased its issued ordinary share capital from RM2,046,168,000 to RM2,677,890,000 through the issuance of 526,435,000 new ordinary shares at an issue price of RM1.20 each pursuant to the conversion of 526,435,000 irredeemable convertible preference shares (“ICPS”) by the conversion ratio of 1 unit ICPS to 1 new ordinary share. The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares of the Company. On 8 April 2022, the Company issued a total of RM130 million in nominal value of senior ranking Perpetual Sukuk (“Sukuk Musharakah”) pursuant to a Sukuk Musharakah Programme (“Perpetual bond”) of up to RM2 billion in nominal value. The Perpetual bond is established to raise funds as and when required to be utilised for Shariah-compliant purposes which include refinancing existing financing/debt obligations (whether in whole or in part), and/or to finance working capital requirements, investments, capital expenditure and/or general corporate purposes of the Group. The salient terms of the Perpetual bond are disclosed in Note 30 to the financial statements. There were no other issue of shares and debentures of the Company during the financial year. 143 FINANCIAL STATEMENTS & OTHER INFORMATION
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