Wah Seong Corporation Berhad Annual Report 2021 181 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 36 DIVIDENDS There were no dividends paid or declared in respect of the financial year ended 31 December 2021. Group and Company 2021 2020 RM’000 RM’000 In respect of financial year ended 31 December 2020: 1st interim single tier cash dividend of 0.40 sen per share and share dividend of 0.60 sen per share (*), both paid on 8 April 2020 - 7,237 (*) The share dividend distributed from the treasury shares of the Company was made 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, based on the share price of WSC shares of RM1.20 each as at 31 December 2019. 37 DISPOSAL OF SUBSIDIARIES Disposal of subsidiaries during the current financial year There was no disposal of subsidiaries during the financial year ended 31 December 2021. Disposal of subsidiaries in the previous financial year (a) On 30 July 2020, Jutasama Sdn. Bhd. (“JSB”), a wholly-owned subsidiary of the Company, had disposed 1,000 ordinary shares, representing 100% of the equity interest in VI Energy Ltd (“VI Energy”) for a total cash consideration of USD1,000. As a result of the disposal, VI Energy and its subsidiaries namely P.M.T.I Energy (Cambodia) Co., Ltd. and PMT Energy Sdn. Bhd. ceased to be subsidiaries of JSB and the Company accordingly. Details of the disposal and the net cash flow on disposal are as follows: At the date of disposal RM’000 Goodwill 79 Cash and bank balances 13 Trade and other payables (9) Non-controlling interests (3) Group share of net assets disposed 80 Net disposal proceeds 4 Net loss on disposal before reclassification of foreign currency translation reserve (76) Reclassification of foreign currency translation reserve to profit or loss (140) Net loss on disposal (216) Net disposal proceeds received 4 Less: Cash and bank balances of subsidiary disposed (13) Net cash outflow on disposal (9) Net loss on disposal was recognised in the profit or loss within ‘administrative and general expenses’.
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