Annual Report 2023 111 ISSUES OF SHARES AND DEBENTURES During the financial year:- (a) there were no changes in the issued and paid-up share capital of the Company; and (b) there were no issues of debentures by the Company. TREASURY SHARES During the financial year, the Company purchased 32,809,000 of its issued ordinary shares from the open market at an average price of RM0.48 per share. The total consideration paid for the purchase was approximately RM15,835,679 including transaction costs. The shares purchased are held as treasury shares in accordance with Section 127(6) of the Companies Act 2016 and are presented as a deduction from equity. As at 31 March 2023, the Company held as treasury shares a total of 129,450,000 out of its 2,962,000,000 issued and fully paid-up ordinary shares. The treasury shares are held at a carrying amount of RM62,267,093. The details of the treasury shares are disclosed in Note 20 to the financial statements. OPTIONS GRANTED OVER UNISSUED SHARES During the financial year, no options were granted by the Company to any person to take up any unissued shares in the Company. EMPLOYEE SHARE OPTION SCHEME The Employee Share Option Scheme (“ESOS”) of the Company is governed by the ESOS By-Laws and was approved by the shareholders on 20 February 2020. The effective date for implementation of the ESOS is 16 July 2021. As at the end of the financial year, no ESOS option has been offered under the ESOS. WARRANTS 2018/2023 The Company had on 6 July 2018 issued 675,000,000 free Warrants on the basis of one (1) Warrant for every two (2) existing ordinary shares. The Warrants are constituted by a Deed Poll dated 18 June 2018. The salient terms of the Warrants 2018/2023 are as follows:- (a) Each Warrant entitles the registered holder to subscribe for one (1) new ordinary share in the Company at any time on or before the maturity date, 5 July 2023, falling five (5) years from the date of issue of the Warrants. Unexercised Warrants after the exercise period will thereafter lapse and cease to be valid; (b) The exercise price of the Warrants is fixed at RM1.09 per Warrant; (c) The new ordinary shares to be issued upon the exercise of the Warrants shall rank pari passu in all respects with the existing ordinary shares of the Company; and (d) The Warrants were listed and quoted on the Main Market of Bursa Malaysia Securities Berhad on 12 July 2018. On 1 October 2020, the Company issued 675,000,000 Additional Warrants on the basis of one (1) warrant for every one (1) existing warrant held in the Company arising from the Adjustment pursuant to Bonus Issue. The exercise price of the Warrant also adjusted to RM0.545 per Warrant. As at the end of the financial year, 1,350,000,000 Warrants remained unexercised. DIRECTORS’ REPORT
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