MKH Annual Report 2018

80 MKH Berhad Annual Report 2018 TREASURY SHARES Treasury shares relate to ordinary shares of the Company that are repurchased and held by the Company in accordance with the requirements of Section 127 of the Companies Act, 2016 in Malaysia. During the financial year, the Company repurchased 4,038,600 of its issued ordinary shares from the open market at an average price of RM1.34 per share. The total consideration paid for the repurchase including transaction costs was RM5,437,937. As at 30 September 2018, the Company held 4,038,600 treasury shares out of its 586,548,168 issued and paid-up ordinary shares. Such treasury shares are held at a carrying amount of RM5,437,937. Further details are disclosed in Note 24 to the financial statements. INDEMNITY AND INSURANCE FOR DIRECTORS AND OFFICERS The Company maintains directors’ and o cers’ liability insurance for purposes of Section 289 of the Companies Act, 2016, throughout the year, which provides appropriate insurance coverage for the Directors and O cers of the Company. The amount of insurance premium paid during the year amounted to RM38,000. There was no indemnity given to or insurance e ected for auditors of the Company. SIGNIFICANT EVENTS Details of significant events during the financial year are disclosed in Note 36 to the financial statements. SIGNIFICANT EVENT SUBSEQUENT TO THE FINANCIAL YEAR END Details of significant event subsequent to the financial year end are disclosed in Note 37 to the financial statements. AUDITORS The auditors, Messrs. Deloitte PLT, have expressed their willingness to continue in o ce. AUDITORS’ REMUNERATION The amount paid or payable by the Group and by the Company as remuneration of the auditors for audit services for the financial year ended 30 September 2018 amounting to RM539,438 and RM50,000 respectively. Signed on behalf of the Board in accordance with a resolution of the directors dated 28 December 2018. TAN SRI DATO’ CHEN KOOI CHIEW @ TAN SRI DATUK CHEN LOK LOI CHENG NGI CHONG DIRECTORS’ REPORT