Wah Seong Corporation Berhad Annual Report 2021 172 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 25 TREASURY SHARES (CONTINUED) During the financial year, the Company had not purchased any of its issued ordinary shares from the open market on Bursa Malaysia. Pursuant to the provisions of Section 127 of the Companies Act, 2016 (“Act”), the Company may either retain the purchased shares as treasury shares or cancel the purchased shares or a combination of both. The Directors of the Company may treat the purchased shares held as treasury shares as follows pursuant to Section 127(7) of the Act: (i) distribute the treasury shares as dividends to the shareholders, such dividend to be known as “share dividends”; (ii) resell the treasury shares or any of the treasury shares in accordance with the relevant rules of Bursa Securities; (iii) transfer the treasury shares or any of the treasury shares for the purposes of or under an employees’ share scheme; (iv) transfer the treasury shares or any of the treasury shares as purchase consideration; (v) cancel the treasury shares or any of the treasury shares; or (vi) sell, transfer or otherwise use the treasury shares for such other purposes as the Minister (as defined in the Act) may by order prescribe. 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. In the financial year ended 31 December 2020, 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 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Current Trade payables 126,225 91,760 - - Other payables and accruals 175,923 113,405 6,901 5,361 Deposit from customers 49,624 30,520 - - Provision for gratuity 11,640 10,560 11,640 10,560 363,412 246,245 18,541 15,921 Non-current Provision for gratuity 16,414 18,515 - - Other liabilities 8,651 8,274 - - 25,065 26,789 - -
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