notes to the financial statements
for the financial year ended 31 December 2014 (Continued)
42 DIVIDENDS
Group and Company
2014
2013
RM’000
RM’000
In respect of the financial year ended 31 December 2014:
1
st
interim single tier cash dividend of 2.5 sen per share paid on 2 October 2014
19,314
-
In respect of the financial year ended 31 December 2013:
1
st
interim single tier cash dividend of 2.0 sen per share paid on 3 October 2013
-
15,423
2
nd
interim single tier cash dividend of 2.0 sen per share and share dividend of 1.10 sen
per share(*), both paid on 3 April 2014
24,044
-
In respect of the financial year ended 31 December 2012:
2
nd
interim single tier cash dividend of 2.5 sen per share and share dividend of 1.50 sen
per share(**), both paid on 3 April 2013
-
31,490
43,358
46,913
(*)
The share dividend distributed from the treasury shares of the Company was made on the basis of one (1) share for every one hundred and fifty (150) existing
ordinary shares of RM0.50 each held at the entitlement date on 13 March 2014, based on the Company’s share price of RM1.65 each as at 31 December 2013.
(**)
The share dividend distributed from the treasury shares of the Company was made on the basis of one (1) share for every one hundred and ten (110) existing
ordinary shares of RM0.50 each held at the entitlement date on 13 March 2013, based on the Company’s share price of RM1.65 each as at 31 December 2012.
On 26 February 2015, the Directors declared a second interim dividend comprising:
(i)
Single tier cash dividend of 2.5 sen per share amounting to RM19,264,271; and
(ii)
Special single tier share dividend of 4,276,929 treasury shares (includes treasury shares purchased subsequent to 31 December 2014) distributed to the
shareholders of Wah Seong Corporation Berhad ("WSC") on the basis of one (1) WSC share for every one hundred and eighty (180) existing WSC ordinary shares
of RM0.50 each held at the entitlement date on 16 March 2015. Based on the share price of WSC shares of RM1.21 each as at 31 December 2014, the value of
the share dividend per WSC share is equivalent to a gross cash dividend of 0.67 sen per share.
The second interim dividend was paid/credited into the entitled shareholders' securities accounts on 3 April 2015.
43 SIGNIFICANT ACQUISITIONS
(a)
Acquisitions during the financial year
(i)
On 8 October 2014, Wasco Energy Ltd. (“WEL”), a wholly-owned subsidiary of the Company, acquired 6,860,000 ordinary shares of USD1.00 each,
representing 49% equity interest in Alam-PE Holdings (L) Inc. for a cash consideration of RM106,000,000. With the completion of this acquisition,
Alam-PE Holdings (L) Inc. became a joint venture to the Group.
(b)
Acquisitions in the preceding financial year
(i)
On 4 March 2013, the Group completed its acquisition of the remaining 51% equity interest in the total issued and paid-up share capital of Spirolite (M)
Sendirian Berhad (“Spirolite”), which was an associate of the Group. Accordingly, Spirolite and its subsidiaries (collectively known as “Spirolite Group”),
namely Advanced Piping System Sdn. Bhd. and Spirolite Marketing Sdn. Bhd. became wholly-owned indirect subsidiaries from that date thereon. The
Group has accounted for the acquisition in accordance with the requirements of MFRS 3 “Business Combinations”.
148
Wah Seong Corporation Berhad • Annual Report 2014
