EXCEL FORCE MSC BERHAD Annual Report 2019

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2019 39 directors’ report The Directors have pleasure in submitting their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December 2019. Principal Activities The principal activities of the Company are the development, provision and maintenance of software application solutions for the financial services industry. The principal activities of its subsidiary companies are disclosed in Note 9 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. Financial Results Group Company RM RM Profit for the financial year, attributable to owners of the parent 6,471,450 6,169,969 Reserves and Provisions There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial statements. Dividends Since the end of the last financial year, the Company paid: RM First interim single-tier dividend of 0.50 sen per ordinary share in respect of the financial year ended 31 December 2019 on 19 September 2019 3,076,892 Second interim single-tier dividend of 0.50 sen per ordinary share in respect of the financial year ended 31 December 2019 on 18 December 2019 2,951,892 6,028,784 The Board of Directors does not recommend any final dividend in respect of the current financial year. Issue of Shares and Debentures During the financial year, the Company issued 200,896,425 new ordinary shares for a total cash consideration of RM68,304,785 arising from the exercise of warrants at an exercise price of RM0.34 per ordinary share. The new ordinary shares issued during the financial year rank pari passu in all respects with the existing ordinary shares of the Company. There was no issuance of debentures during the financial year.