EXCEL FORCE MSC BERHAD Annual Report 2019

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2019 40 directors’ report (CONT’D) Treasury Shares During the financial year, the Company repurchased 35,000,000 ordinary shares of its issued share capital from the open market. The average price paid for the shares repurchased was RM0.56 per share. The total consideration paid for the repurchased, including transaction costs, was RM19,440,808. The repurchased transactions were financed by internal generated funds. The shares repurchased are being held as treasury shares in accordance with Section 127(6) of the Companies Act 2016 in Malaysia. As at 31 December 2019, the Company held 35,000,000 treasury shares out of the total 615,378,375 issued ordinary shares. Further relevant details are disclosed in Note 18 to the financial statements. Warrants The Warrants 2014/2019 were constituted under the Deed Poll dated 1 July 2014. During the financial year, a total of 200,896,425 warrants were exercised before the expiry date of the warrants on 17 July 2019 (“Expiry Date”) which resulted in 200,896,425 new ordinary shares being allotted, issued and listed. As at Expiry Date, 4,925,887 unexercised warrants become null, void and ceased to be exercisable and the same amount was removed from the official list of Bursa Malaysia Securities Berhad with effect from 18 July 2019. The salient terms of the Warrants are disclosed in Note 16 to the financial statements. Options Granted Over Unissued Shares No options were granted to any person to take up unissued shares of the Company during the financial year. Directors The Directors in office since the beginning of the financial year until the date of this report are: Dato’ Dr. Norraesah Binti Haji Mohamad * Wong Kok Chau * Gan Teck Ban Eng Shao Hon * Lok Choon Hong Mohaini Binti Mohd Yusof (appointed on 18 June 2019) Wong Thean Soon (alternate Director to Dato’ Dr. Norraesah Binti Haji Mohamad) (appointed on 9 July 2019) Datuk Mat Noor Nawi (appointed on 27 September 2019) Wang Kuen-Chung @ Jeff Wang (retired on 23 July 2019) Ng Kim Huat (retired on 29 May 2019) Aaron Sim Kwee Lein (demised on 3 July 2019) * Director of the Company and its subsidiary companies The information required to be disclosed pursuant to Section 253 of the Companies Act 2016 in Malaysia is deemed incorporated herein by such reference to the financial statements of the respective subsidiary companies and made a part hereof.