notes to the financial statements
for the financial year ended 31 December 2014 (Continued)
30 WARRANTS RESERVE (CONTINUED)
Each warrant entitled the registered holder to subscribe for one new ordinary share in the Company at any time on or after 26 March 2008 up to the date of expiry on 25
March 2013, at an exercise price of RM3.17 per share or such adjusted price in accordance with the provisions in the Deed Poll. The Warrants 2008/2013 was listed on
the Main Market of Bursa Malaysia Securities Berhad with effect from 28 March 2008.
On 25 March 2013, there were 500 warrants exercised to subscribe for new Wah Seong Corporation Berhad shares, 135,961,820 warrants which remained unexercised
expired on 25 March 2013. These expired warrants were removed from the Official List of Bursa Malaysia Securities Berhad with effect from 26 March 2013.
31 RETAINED PROFITS
The Company has elected for the irrevocable option under the Finance Act, 2007 to disregard the Section 108 balance. As a result, the Company will be able to distribute
dividends out of its entire retained earnings under the single tier system.
32 LOANS AND BORROWINGS
Group
Company
2014
2013
2014
2013
RM’000
RM’000
RM’000
RM’000
Current
Unsecured:
Term loan
89,982
84,485
-
-
Revolving credits
641,224
469,049
255,712
214,195
Trade financing
148,257
93,724
-
-
879,463
647,258
255,712
214,195
Non-current
Unsecured:
Term loan
104,752
182,118
-
-
Fixed rate notes
31,595
-
-
-
136,347
182,118
-
-
1,015,810
829,376
255,712
214,195
137
Wah Seong Corporation Berhad • Annual Report 2014
