157 ANNUAL REPORT 2024 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (cont’d) 17. CRNCPS The Group The Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 CRNCPS At 1 January 143,010 140,341 143,010 140,341 Accretion of interest on CRNCPS (Note 25) 3,053 2,669 3,053 2,669 Redemption during the financial year (142,500) - (142,500) - Interest expense recognised in profit or loss (Note 25) 1,422 4,275 1,422 4,275 Repayment of interest expense (Note 29(b)) (4,985) (4,275) (4,985) (4,275) At 31 December - 143,010 - 143,010 The Group The Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Analysed by:- Current liabilities - 3,563 - 3,563 Non-current liabilities - 139,447 - 139,447 At 31 December - 143,010 - 143,010 (a) On 18 February 2022, the Company issued a total of 570,000,000 3-year CRNCPS at RM0.25 per CRNCPS. (b) The salient features of the CRNCPS are as follows:- (i) Tenure Three years. (ii) Dividends The CRNCPS carry a dividend of 3% per annum, payable on a monthly basis. The dividend rights are cumulative. (iii) Conversion rights The CRNCPS are non-convertible. (iv) Ranking of the CRNCPS The CRNCPS shall rank pari passu amongst themselves. (v) Ranking of new shares No other preference shares shall be issued by the Company pursuant to the ranking prior to or equally with the CRNCPS nor the rights and conversion of CRNCPS privileges of the holders of such CRNCPS be altered. (vi) Rights of the CRNCPS The CRNCPS shall not carry any right to vote at any general holders meeting of the Company. (vii) Governing law Malaysia. (c) During the financial year, 90,000,000 new ordinary shares amounted to RM81,000,000 were issued by the Company to redeem 324,000,000 units of CRNCPS. (d) During the financial year, the Company has redeemed 246,000,000 units of CRNCPS for a total cash consideration of RM61,500,000. (e) At the end of the reporting period, all CRNCPS had been fully redeemed resulting from the redemption as disclosed in Notes 17(c) and 17(d) to the financial statements.
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