SCC Holdings Berhad Annual Report 2017

60 SCC Holdings Berhad (511477-A) | Annual Report 2017 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2017 (CONT’D) 13. Share Capital Group and Company Number of Shares Amount 2017 2016 2017 2016 Units’000 Units’000 RM’000 RM’000 Ordinary shares of RM0.50 each Authorised At 1 January/31 December * 200,000 * 100,000 Issued and fully paid shares At 1 January 42,776 42,757 21,388 21,379 Issuance of ordinary shares - 19 - 9 Issuance of bonus shares 4,278 - - - Share split 94,107 - - - Transfer from share premium in accordance with Section 618(2) of the Companies Act, 2016* - - 2,691 - At 31 December 141,161 42,776 24,079 21,388 * The new Companies Act, 2016 (the “Act”), which come into operation on 31 January 2017, abolished the concept of authorised share capital and par value of share capital. Consequently, the amounts standing to the credit of the share premium account of RM2,691,000 become 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 RM2,691,000 for purposes as set out in Sections 618(3). There is no impact on the numbers of ordinary shares in issue or the relative entitlement of any of the members as a result of this transition. During the financial year, the number of issued and paid-up ordinary share capital of the Company was increased as follows: (i) Bonus issue of 4,278,000 new ordinary shares on the basis of one (1) bonus share for every ten (10) existing ordinary shares held; and (ii) Share split involving subdivision of every one (1) ordinary share held after the bonus issue into three (3) ordinary shares. The new ordinary shares issued during the financial year rank pari passu in all aspects with the existing ordinary shares of the Company. The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restrictions and rank equally with regard to the Company’s residual assets.