Wah Seong Corporation Berhad Annual Report 2021 171 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 23 ASSETS CLASSIFIED AS HELD FOR SALE (CONTINUED) (d) On 26 February 2021, the Company’s 70% owned subsidiary, Petro-Pipe (Sabah) Sdn. Bhd. (“PPS”) entered into a sale and purchase agreement for the disposal of leasehold land for a consideration of RM21,562,000. On 15 May 2021, PPS completed the disposal of the said leasehold land by fulfilling condition precedent as stipulated in the sale and purchase agreement. Accordingly, the carrying amount of the said plant and machineries was derecognised as assets held for sale, resulting in a gain on disposal of RM10,609,000 being recognised in the statement of profit or loss. Details of the assets classified as held for sale are as follows: Group 2021 2020 RM’000 RM’000 Property, plant and equipment 39,501 - Right-of-use assets 5,408 26,979 44,909 26,979 24 SHARE CAPITAL Group and Company 2021 2020 Number of shares Carrying value Number of shares Carrying value ’000 RM’000 ’000 RM’000 Issued and fully paid: Ordinary shares with no-par value at 1 January/31 December 774,888 547,690 774,888 547,690 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. 25 TREASURY SHARES Group and Company 2021 2020 Number of shares Amount Number of shares Amount ’000 RM’000 ’000 RM’000 At 1 January 577 624 4,427 4,779 Share dividends distributed to owners of the Company - - (3,850) (4,155) At 31 December 577 624 577 624 The shareholders of the Company had approved an ordinary resolution at the Twenty-First Annual General Meeting held on 21 May 2021 for the Company to purchase its own ordinary 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.
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