DESTINI AR 2017

17. Amount Due from Joint Venture This amount represents unsecured, interest free advances and is repayable on demand. 18. Fixed Deposits with Licensed Banks The fixed deposits of the Group at amount of RM40,859,107 (2016: RM24,466,948) have been pledged to licensed banks as security for bankers’ guarantees issued and banking facilities granted to subsidiaries as disclosed in Note 25. The interest rates of deposits during the financial year range from 2.30% to 3.60% (2016: 2.30% to 3.60%) per annum and the maturities of deposits are 5 to 365 days (2016: 5 to 365 days) respectively. 19. Cash and Bank Balances Included in cash and bank balances of the Group is an amount of RM50 (2016: RM50) has been pledged to licensed banks as security for banking facilities granted to subsidiaries as disclosed in Note 25. 20. Share Capital Group and Company Number of shares Amount 2017 2016 2017 2016 Unit Unit RM RM Ordinary shares with no par value (2016: par value of RM0.10 each) Authorised: At 1 January/At 31 December - 1,500,000,000 - 150,000,000 Issued and fully paid: At 1 January 1,155,230,199 916,671,818 115,523,020 91,667,182 Issuance of shares: - Conversion of warrants - 238,558,381 - 23,855,838 Transition to no-par value regime on 31 January 2017 - - 267,283,851 - At 31 December 1,155,230,199 1,155,230,199 382,806,871 115,523,020 The new Companies Act, 2016 which came 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 become part of the Company’s share capital pursuant to the transitional provisions set out in Section 618(2) of the Act. There is no impact on the numbers of ordinary shares in issues to the relative entitlement of any of the members as a result of this transition. In previous financial year, the Company increased its issued and paid up ordinary share capital from RM91,667,182 to RM115,523,020 by way of issuance of 238,558,381 ordinary shares of RM0.10 each through the exercise of the warrants at an issue price of RM0.40 for cash consideration. The new ordinary shares issued during the 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 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. 143 DESTINI BERHAD Annual Report 2017