261 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 ACCOUNTABILITY (FINANCIAL STATEMENTS) 28. Treasury shares Group and Company 2023 2022 Number of shares ‘000 Amount RM million Number of shares ‘000 Amount RM million At 1 February 35,111 178 34,287 174 Treasury shares purchased 84,204 191 824 4 Bonus issue 38,018 - - - At 31 January 157,333 369 35,111 178 At the Annual General Meeting held on 14 July 2022, the shareholders of the Company had approved for the Company to repurchase its own shares up to a maximum of ten percent (10%) of its prevailing issued and paid-up share capital of the Company. The Directors of the Company are committed to enhancing the value of the Company and believed that the repurchase plan was being applied in the best interest of the Company and its shareholders. 29. Share-based compensation plans (a) Employees’ Share Scheme The Company implemented an Employees’ Share Scheme (“ESS” or “Scheme”) which came into effect on 3 November 2015 for a period of 5 years to 2 November 2020. The ESS is governed by the By-Laws which were approved by the shareholders on 3 November 2015. On 25 January 2018, the Board of Directors resolved to extend the ESS tenure for additional five (5) years till 2 November 2025 in accordance with the terms of the ESS By-Laws. The Company had made the third, fourth and the fifth offer of options under ESS Scheme on 27 February 2019, 22 January 2020 and 28 September 2021 respectively. The main features of the Scheme are as follows: (a) An eligible employee shall pay a sum of RM1.00 as consideration for acceptance of that offer. An option shall be exercisable at a price which is the weighted average of the market price quotation of the shares for the five (5) market days immediately preceding the date on which the options are granted, rounded to the nearest sen. (b) Unless otherwise determined by the ESS Committee, each option shall become exercisable, to the extent of one-third of the shares covered thereby, on each of the first three (3) anniversaries of the date of grant, if the holder of such option shall have been in the continuous service of the Company or subsidiaries that are not dormant throughout such period. No options shall be exercisable if the exercise of such options would violate any provision of applicable laws, nor shall any options be exercisable more than five (5) years from the date on which the Scheme became effective. (c) The new shares issued upon the exercise of an option will be subject to all the provisions of the Company’s Constitution and the Main Market Listing Requirements of Bursa Malaysia Securities Berhad and shall rank pari passu in all respects with the then existing issued ordinary shares of the Company, save that they will not entitle the holders thereof to receive any rights or bonus issue or dividends or distributions the entitlement date of which precedes the date of the issue of such new shares.
RkJQdWJsaXNoZXIy NDgzMzc=