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ANNUAL REPORT 2014
43
Directors’ interests (cont’d)
None of the other directors in office at the end of the financial year had any interest in shares in the Company or its related
corporations during the financial year.
Share buy-backs
During the financial year, the Company repurchased a total of 2,000 of its issued ordinary shares from the open market
for a total cost of RM4,627. The average cost paid for the shares repurchased during the year was RM2.31 per share.
The shares repurchased are held as treasury shares in accordance with Section 67A of the Companies Act, 1965. Of the
total 973,717,797 (2013: 973,717,797) issued and fully paid ordinary shares as at 30 June 2014, 5,722,000 (2013: 5,720,000)
are held as treasury shares by the Company. As at 30 June 2014, the number of outstanding ordinary shares in issue after
the set-off is therefore 967,995,797 (2013: 967,997,797) ordinary shares of RM1 each.
Subsequent to the reporting date and up to the date of this report, the Company repurchased an additional 1,000 shares
for a total cost of RM2,184. The average cost paid for the shares repurchased during the period was RM2.18 per share.
Movements on share buy-backs
Number
Total
Average price
of shares
cost
per share
RM’000
RM
At 30 June 2013
5,720,000
13,674
2.39
Repurchased during the year ended 30 June 2014
2,000
5
2.31
At 30 June 2014
5,722,000
13,679
2.39
Repurchased subsequent to 30 June 2014
1,000
2
2.18
At the date of this report
5,723,000
13,681
2.39
The directors of the Company are committed to enhancing the value of the Company to its shareholders and believe
that the share buy-backs plan can be applied in the best interests of the Company and its shareholders. The repurchase
transactions were financed by internally generated funds.
Other statutory information
(a) Before the statements of profit or loss and other comprehensive income and statements of financial position of the
Group and of the Company were made out, the directors took reasonable steps:
(i)
to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of
provision for doubtful debts and satisfied themselves that all known bad debts had been written off and that
adequate provision had been made for doubtful debts; and
(ii)
to ensure that any current assets which were unlikely to realise their value as shown in the accounting records
in the ordinary course of business had been written down to an amount which they might be expected so to
realise.
(b) At the date of this report, the directors are not aware of any circumstances which would render:
(i)
the amount written off for bad debts or the amount of the provision for doubtful debts in the financial statements
of the Group and of the Company inadequate to any substantial extent; and
(ii)
the values attributed to the current assets in the financial statements of the Group and of the Company
misleading.
directors’ report (cont’d)