PRG Holdings Berhad Annual Report 2019

PRG HOLDINGS BERHAD 62 DIRECTORS’ REPORT The Directors hereby submit their report and the audited financial statements of the Group and of the Company for the financial year ended 31 December 2019. PRINCIPAL ACTIVITIES The Company is principally engaged in investment holding and the provision of management services. The principal activities of the subsidiaries are set out in Note 10 to the financial statements. There have been no significant changes in the nature of these activities of the Group and of the Company during the financial year. RESULTS Group Company RM’000 RM’000 Loss for the financial year from continuing operations (68,939) (2,032) Loss for the financial year from discontinued operations (4,508) - Loss for the financial year (73,447) (2,032) Attributable to: Owners of the parent: - from continuing operations (47,745) (2,032) - from discontinued operations (1,939) - (49,684) (2,032) Non-controlling interests (23,763) - (73,447) (2,032) DIVIDENDS No dividend has been paid, declared or proposed by the Company since the end of the previous financial year. The Directors do not recommend the payment of any dividend in respect of the financial year ended 31 December 2019. RESERVES AND PROVISIONS There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the statements of changes in equity. ISSUE OF SHARES AND DEBENTURES During the financial year, the issued and paid-up ordinary share capital of the Company was increased from 310,751,274 to 403,300,521 by way of the issuance of 52,253,747 new ordinary shares pursuant to the exercise of Warrants 2014/2019 at an exercise price of RM0.375 per ordinary share for cash and issuance of 40,295,500 new ordinary shares at RM0.7445 per ordinary share as Consideration Shares for acquisition, by PRG Agro Sdn. Bhd., a wholly-owned subsidiary of the Company, of two parcels of agriculture land planted with teak trees in Kelantan. The newly issued ordinary shares rank pari passu in all respects with the existing ordinary shares of the Company. There were no other issues of shares during the financial year. The Company did not issue any debentures during the financial year.