NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 355 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION 55. EQUITY COMPENSATION BENEFITS (CONT’D.) Kenanga Group’s Employees’ Share Scheme (cont’d.) (1) ESOS (cont’d.) The following table illustrates the number and weighted average exercise price (“WAEP”) of, and movement in, share options during the financial year (cont’d.): ESOS Sixth Offer 2023 Offer date Opening Movement during the financial year Outstanding As at 1.1.2023 Granted Exercised Forfeited/ Cancelled As at 31.12.2023 02.08.2021 3,002,500 - - 961,500 2,041,000 WAEP (RM) 1.370 - - 1.370 1.370 2022 Offer date Opening Movement during the financial year Outstanding As at 1.1.2022 Granted Exercised Forfeited/ Cancelled As at 31.12.2022 02.08.2021 3,718,000 - 4,000 711,500 3,002,500 WAEP (RM) 1.370 - 1.370 1.370 1.370 The fair values of share options granted were estimated using the Binomial Option Pricing Model, taking into account the terms and conditions upon which the options are granted. The fair values of share options and the key inputs for share options valuation are as follows: ESOS First Offer Tranches of vesting: First tranche Second tranche Third tranche Fourth tranche Fair value of share options (RM) 0.0856 0.0963 0.1047 0.1111 Share price at offer date (RM) 0.550 0.550 0.550 0.550 Exercise price (RM) 0.575 0.575 0.575 0.575 Expected volatility (%) 26.92% 26.92% 26.92% 26.92% Risk free rate (%) 3.688% 3.688% 3.688% 3.688% Expected dividend yield (%) 4.00% 4.00% 4.00% 4.00% The exercise period is 3 years from vesting date.
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