Bursa Malaysia • Annual Report 2013
81
Financial Reports
Issue of shares
During the financial year, the Company increased its issued and paid-up ordinary share capital from RM266,012,000 to RM266,306,000 by way of the issuance
of 588,000 ordinary shares of RM0.50 each, pursuant to the Company’s SGP.
The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares of the Company.
Share Grant Plan
The Company’s SGP is governed by the By-Laws approved by the shareholders at an Extraordinary General Meeting held on 14 April 2011. The SGP has been
implemented on 18 April 2011 and is made up of two plans - the Restricted Share Plan (RSP) and the Performance Share Plan (PSP). The SGP will be in force for
a maximum period of 10 years from the date of implementation.
The salient features, terms and details of the SGP are as disclosed in Note 27(b) to the financial statements.
During the financial year, the Company granted 1,375,000 shares under RSP and 475,000 shares under PSP to its eligible employees. The details of the shares
granted under SGP and its vesting conditions are disclosed in Note 27(b) to the financial statements.
Other statutory information
(a) Before the income statements, statements of comprehensive income and statements of financial position of the Group and of the Company were made out,
the Directors took reasonable steps:
(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied
themselves that there were no known bad debts and that adequate provision had been made for doubtful debts; and
(ii) to ensure that any current assets which were unlikely to realise their value as shown in the accounting records in the ordinary course of business had
been written down to an amount which they might be expected so to realise.
(b) At the date of this report, the Directors are not aware of any circumstances which would render:
(i) it necessary to write off any bad debts or the amount of the provision for doubtful debts in the financial statements of the Group and of the Company
inadequate to any substantial extent; and
(ii) the values attributed to current assets in the financial statements of the Group and of the Company misleading.
(c) At the date of this report, the Directors are not aware of any circumstances which have arisen which would render adherence to the existing method of
valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.
(d) At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or financial statements of the Group and
of the Company which would render any amount stated in the financial statements misleading.
Directors’ Report
