MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) 140 ISSUES OF SHARES AND DEBENTURES During the financial year:- (a) the Company increased its issued and paid-up share capital from RM634,262,802 to RM854,894,698 by:- (i) issuance of 18,380,084 new ordinary shares from the exercise of Dividend Reinvestment Plan (“DRP”) at an exercise price of RM1.65 per share amounting to RM30,327,139 as disclosed in Note 23 to the financial statements; and (ii) issuance of 210,000,000 new ordinary shares from the exercise of the first tranche private placement for a cash consideration of RM208,505,058 as disclosed in Note 23 to the financial statements. The new ordinary shares issued rank pari passu in all respects with the existing ordinary shares of the Company. (b) there were no issues of debentures by the Company. TREASURY SHARES During the financial year, the Company purchased 49,336,800 of its issued ordinary shares from the open market at an average price of RM1.58 per share. The total consideration paid for the shares purchased was RM77,929,074 including transaction costs. The ordinary shares purchased were being held as treasury shares in accordance with Section 127(6) of the Companies Act 2016 and were presented as a deduction from equity. In addition, the Company had cancelled 182,003,000 of its treasury shares at an average price of RM0.70 with a total carrying amount of RM127,217,241. As at 31 December 2021, the Company held as treasury shares a total of 12,000,000 of its 7,408,616,642 issued and fully paid-up ordinary shares. The treasury shares are held at a carrying amount of RM12,364,074. The details of the treasury shares are disclosed in Note 24 to the financial statements. OPTIONS GRANTED OVER UNISSUED SHARES During the financial year, no options were granted by the Company to any person to take up any unissued shares in the Company. BAD AND DOUBTFUL DEBTS Before the financial statements of the Group and of the Company were made out, the directors took reasonable steps to ascertain that action had been taken in relation to the writing off of bad debts and the making of allowance for impairment losses on receivables and satisfied themselves that all known bad debts had been written off and that adequate allowance had been made for impairment losses on receivables. At the date of this report, the directors are not aware of any circumstances that would require the further writing off of bad debts, or the additional allowance for impairment losses on receivables in the financial statements of the Group and of the Company. CURRENT ASSETS Before the financial statements of the Group and of the Company were made out, the directors took reasonable steps to ensure that any current assets, which were unlikely to be realised in the ordinary course of business, including their value as shown in the accounting records of the Group and of the Company, have been written down to an amount which they might be expected so to realise. At the date of this report, the directors are not aware of any circumstances which would render the values attributed to the current assets in the financial statements misleading. DIRECTORS’ REPORT (CONT’D)
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