DESTINI Annual Report 2019

NOTES TO THE FINANCIAL STATEMENTS 22. Share Capital Group and Company Number of shares Amount 2018 2017 2018 2017 RM RM RM RM Ordinary share with no par value Issued and fully paid: At 1 January 1,155,230,299 1,155,230,299 382,806,871 382,806,871 Issuance of shares: - private shares placement 25,000,000 - 5,430,000 - At 31 December 1,180,230,299 1,155,230,299 388,236,871 382,806,871 During the financial year, the Company issued 25,000,000 newordinary shares through first tranche of private placement at issue price of RM0.2172 for a total cash consideration of RM5,430,000 for working capital purposes. 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. 23. Foreign Currency Translation Reserve The exchange translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. 24. Employees Share Option Scheme (“ESOS”) At an extraordinary general meeting held on 10 February 2014, the Company’s shareholders approved the establishment of an ESOS for eligible Directors and employees of the Group. The ESOS is administered by a committee (“ESOS Committee”). The ESOS became effective for a period of five (5) years from 17 April 2014 to 16 April 2019. All ESOS have been fully exercised and no share option was granted during the financial year. The salient features of the ESOS scheme are, inter alia, as follows: (i) Eligible employees include Directors of the Company and confirmed full time employees of the Company and its eligible subsidiaries or under a fixed term employment contract, the contract should be for a duration of at least one (1) year, shall have attained the age of eighteen (18) years old and have served for at least one year of full continuous service in the Group. (ii) The aggregate number of shares to be issued under the ESOS shall not exceed 15% of the total issued and paid- up ordinary share capital of the Company at the point in time during the tenure of the ESOS. (iii) The new Company’s shares of RM0.10 each (“new Shares”) to be allotted and issued upon the exercise of the ESOS option shall, upon allotment and issue, rank pari passu in all respects with the existing Company’s ordinary shares of RM0.10 each save and except that the new Shares will not be entitled to any distributions made or paid prior to the date of allotment of the new Shares. The ESOS option shall not carry any right to vote at a general meeting of the Company. FINANCIAL STATEMENTS 06 ANNUAL REPORT 2019 161