FGV Annual Report 2017

FELDA GLOBAL VENTURES HOLDINGS BERHAD FINANCIAL STATEMENTS 274 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 36 SHARE CAPITAL Group and Company 2017 Number of shares 2016 Number of shares 2017 RM'000 2016 RM'000 Authorised share capital: Ordinary shares of RM1 per share - 4,000,000 - 4,000,000 Issued and fully paid up: Ordinary shares At 1 January 3,648,152 3,648,152 3,648,152 3,648,152 Transition to no-par value regime on 31 January 2017 under the Companies Act 2016 (Notes 37, 41) - - 3,381,737 - At 31 December – ordinary shares with no par value (2016: par value of RM1 per share) 3,648,152 3,648,152 7,029,889 3,648,152 Special share At 1 January/31 December # # # # # Relating 1 unit special shares held by Minister of Finance of RM1 The Companies Act 2016 (“2016 Act”) which came into effect on 31 January 2017 has repealed the Companies Act, 1965. The 2016 Act has abolished the concept of authorised share capital and par or nominal value of shares and hence, the share premium, capital redemption reserve and authorised capital are abolished. In accordance with section 618(2) of the 2016 Act, any amounts standing to the credit of the Company’s share premium account and capital redemption reserve of RM3,371,685,000 and RM10,052,000 respectively become part of the Company’s share capital upon commencement of the 2016 Act. There is no impact on the numbers of ordinary shares in issue or the relative entitlement of any of the members as a result of this transition. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company’s residual assets. The special share held by the Minister of Finance (Incorporated) has the following characteristics: (a) The Special Share may be held only by or transferred only to the Minister of Finance (Incorporated) or its successor or any Minister, representative or any person authorised by the Government of Malaysia to act on its behalf. (b) The Special Shareholder shall have the right from time to time to appoint any existing Director to be a Government Appointed Director so that there shall not be more than three (3) Government Appointed Director at any one time and such Government Appointed Directors shall hold the position of the Chairman of the Board of Directors, Managing Director/Chief Executive Officer and one (1) Director.