EXCEL FORCE MSC BERHAD Annual Report 2020

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2020 92 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CONT’D) 16. SHARE CAPITAL Group and Company Number of shares Amount 2020 2019 2020 2019 Units Units RM RM Issued and fully paid ordinary shares At 1 January 615,378,375 414,481,950 89,303,150 20,998,365 Issuance of shares during the financial year - 200,896,425 - 68,304,785 At 31 December 615,378,375 615,378,375 89,303,150 89,303,150 Ordinary shares In the previous 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 in the previous financial year rank pari passu in all respects with the existing ordinary shares of the Company. The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regards to the Company’s residual assets. Warrants In the previous 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 Securities with effect from 18 July 2019. 17. RESERVES Group Company 2020 2019 2020 2019 Note RM RM RM RM Non-distributable Fair value reserve (a) (688,440) (26,790) (688,440) (26,790) Other reserve (b) (80,745) (80,745) - - Distributable Retained earnings (c) 31,886,191 26,713,868 31,278,024 26,457,315 31,117,006 26,606,333 30,589,584 26,430,525