DIVIDENDS (CONTINUED)
(b) On 25 February 2014, the Directors declared a second interim dividend comprising:
(i) Single tier cash dividend of 2.0 sen per share amounting to RM15,390,365; and
(ii) Special single tier share dividend of 5,126,090 treasury shares distributed to the shareholders of Wah Seong Corporation Berhad (“WSC”) on the basis of one (1)
WSC share for every one hundred and fifty (150) existing WSC ordinary shares of RM0.50 each held at the entitlement date on 13 March 2014. Based on the share
price of WSC shares of RM1.65 each as at 31 December 2013, the value of the share dividend per WSC share is equivalent to a gross cash dividend of 1.10 sen per
share.
The second interim dividend was paid/credited into the entitled shareholders’ securities accounts on 3 April 2014.
The Directors do not recommend the payment of any final dividend in respect of the financial year ended 31 December 2014.
RESERVES AND PROVISIONS
All material transfers to or from reserves and provisions during the financial year are shown in the financial statements.
ISSUE OF SHARES AND DEBENTURES
The Company did not issue any shares and debentures during the financial year.
TREASURY SHARES
During the financial year, the Company purchased 3,446,000 of its issued share capital from the open market on Bursa Malaysia Securities Berhad (“Bursa Malaysia”) for
RM6,045,917. The average price paid for the shares purchased during the financial year was approximately RM1.75 per share.
As at 31 December 2014, the number of treasury shares held by the Company was 3,589,967 shares.
Subsequent to the financial year ended 31 December 2014, a total of 4,276,929 treasury shares were declared as special single tier share dividend by the Directors on 26
February 2015, distributed to the shareholders for the financial year ended 31 December 2014, 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 (fractions of treasury shares to be disregarded).
Details of the treasury shares are set out in Note 28 to the financial statements.
DIRECTORS
The Directors in office since the date of the last report are:
Dato’ Seri Robert Tan Chung Meng
Chan Cheu Leong
Giancarlo Maccagno
Halim Bin Haji Din
Pauline Tan Suat Ming
Professor Tan Sri Lin See Yan
Tan Sri Ab Rahman Bin Omar (Retired on 20 June 2014)
Daniel Yong Chen-I (Alternate Director to Pauline Tan Suat Ming)
Directors’ Report
47
Wah Seong Corporation Berhad • Annual Report 2014
