Registration No. 200301030845 (633265-K) - 113 - 27. Redeemable Preference Shares (Cont’d) The subsidiary company has the right to call for the preference shares at anytime by giving notice in accordance with the agreement. The main features of the preference shares are as follows: (i) The preference shares shall confer a right to a fixed non-cumulative preferential dividend at the fixed rate of GBP0.01 per annum. The preferential dividend shall rank for payment in priority to the payment of a dividend on any other shares of the subsidiary. (ii) The preference shares shall not confer the right to any further or other participation in the profit of the subsidiary. (iii) The preference shares will be redeemed at GBP1.00 each in a date to be determined later but not later than thirty-six (36) months from the date of issuance. (iv) The preference shares shall rank in priority in any distribution of assets in the event of liquidation, dissolution or winding-up of the subsidiary. 28. Revenue 2022 2021 RM RM Revenue from contracts with customers: -Sales of goods 15,927,871 42,479,306 -Rendering of services 91,420,767 77,996,489 -Contract revenue 78,821,441 53,390,154 186,170,079 173,865,949 Timing of revenue recognition: At a point in time 107,348,638 120,475,795 Over time 78,821,441 53,390,154 186,170,079 173,865,949 Group 191 ANNUAL REPORT 2022 DESTINI BERHAD
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