Asia Media Annual Report 2018

102 | P a g e 14. SHARE CAPITAL The new ordinary shares issued during the financial year rank pari passu in all respects with the existing ordinary shares in the Company. In previous financial year, the Company abolished the concept of authorised share capital and par value of share capital when Companies Act, 2016 (the “Act”) came into operation on 31 January 2017. Consequently, the amount standing to the credit of the share premium account of RM826,800/- becomes part of the Company’s share capital pursuant to the transitional provisions set out in Section 618(2) of the Act. Notwithstanding this provision, the Company may within 24 months from the commencement of the Act, use the amount standing to the credit of its share premium account of RM826,800/- for purposes as set out in Section 618(3) of the Act. There is no impact on the number of ordinary shares in issue or the relative entitlement of any of the members as a result of this transition. 15. OTHER RESERVERS The nature of reserves of the Group and of the Company are as follows:- (a) Share premium Share premium comprises the premium paid on subscription of shares in the Company over and above the par value of the shares. Number Number of shares of shares Unit RM Unit RM Ordinary shares Issued and fully paid:- At 1 January 239,463,426 24,773,143 239,463,426 23,946,343 Transfer from share premium in accordance with Section 618(2) of the Companies Act, 2016 - - - 826,800 At 31 December 239,463,426 24,773,143 239,463,426 24,773,143 Group and Company 2018 2017 2018 2017 Note RM RM Non-distributable Share premium (a) - - Warrant reserve (b) - - Group and Company