DIRECTORS’ REPORT The directors hereby present their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December 2024. PRINCIPAL ACTIVITIES The principal activities of the Company are investment holding and provision of management services. The principal activities of the subsidiaries, associate and joint ventures are disclosed in Notes 18, 19 and 20 to the financial statements respectively. There have been no significant changes in the nature of these principal activities during the financial year. RESULTS Group Company RM’000 RM’000 Loss net of tax for the financial year (233,072) (8,018) Loss attributable to: Owners of the parent (208,515) (52,161) Holders of perpetual bond 44,143 44,143 Non-controlling interests (68,700) – (233,072) (8,018) There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the financial statements. ISSUE OF SHARES AND DEBENTURES During the financial year, the Company increased its issued ordinary share capital from RM3,051,570,000 to RM3,309,330,000 by way of: (a) issuance of 207,300,000 new ordinary shares pursuant to the conversion of 207,300,000 irredeemable convertible preference shares (“ICPS”) by the conversion ratio of 1 ICPS to 1 new ordinary share. (b) issuance of 9,000,000 new ordinary shares pursuant to the conversion of 7,500,000 ICPS by the conversion ratio of 5 ICPS to 6 new ordinary shares. The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares of the Company. FINANCIAL STATEMENTS & OTHER INFORMATION 221
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