KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED SHAREHOLDERS’ INFORMATION NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 FINANCIAL STATEMENTS ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH 363 362 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 2024 Offer date Opening Movement during the financial year Outstanding As at 1.1.2024 Granted Exercised Forfeited/ Cancelled As at 31.12.2024 02.08.2021 2,041,000 - 6,000 428,000 1,607,000 WAEP (RM) 1.370 - 1.370 1.370 1.370 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 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. 55. EQUITY COMPENSATION BENEFITS (CONT’D.) Kenanga Group’s Employees’ Share Scheme (cont’d.) (1) ESOS (cont’d.) ESOS Second Offer Tranches of vesting: First tranche Second tranche Third tranche Fair value of share options (RM) 0.1030 0.1140 0.1220 Share price at offer date (RM) 0.595 0.595 0.595 Exercise price (RM) 0.630 0.630 0.630 Expected volatility (%) 28.07% 28.07% 28.07% Risk free rate (%) 3.883% 3.883% 3.883% Expected dividend yield (%) 4.00% 4.00% 4.00% The exercise period is 3 years from vesting date. ESOS Third Offer Tranches of vesting: First tranche Second tranche Third tranche Fourth tranche Fair value of share options (RM) 0.1103 0.1251 0.1404 0.1535 Share price at offer date (RM) 0.580 0.580 0.580 0.580 Exercise price (RM) 0.605 0.605 0.605 0.605 Expected volatility (%) 28.10% 28.10% 28.10% 28.10% Risk free rate (%) 3.610% 3.610% 3.610% 3.610% Expected dividend yield (%) 1.80% 1.80% 1.80% 1.80% The exercise period is 3 years from vesting date. ESOS Fourth Offer Tranches of vesting: First tranche Second tranche Third tranche Fair value of share options (RM) 0.1188 0.1338 0.1467 Share price at offer date (RM) 0.570 0.570 0.570 Exercise price (RM) 0.595 0.595 0.595 Expected volatility (%) 27.90% 27.90% 27.90% Risk free rate (%) 3.460% 3.460% 3.460% Expected dividend yield (%) 1.80% 1.80% 1.80% The exercise period is 3 years from vesting date.
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