DELEUM BERHAD UNISON IN DIVERSITY - ChartNexus

102 Unison in Diversity
Notes to the Financial Statements (continued)
31 December 2009
27 SHARE CAPITAL
Authorised ordinary shares of RM1 each:
Group/Company
2009 2008
RM RM
At 1 January 500,000,000 100,000,000
Created during the financial year 0 400,000,000
At 31 December 500,000,000 500,000,000
Issued and fully paid ordinary shares of RM1 each:
At 1 January 100,000,000 80,000,000
Issued during the financial year
- Bonus Issue (Note 28) 0 20,000,000
At 31 December 100,000,000 100,000,000
28 SHARE PREMIUM
Group/Company
2009 2008
RM RM
At 1 January 0 20,000,000
Less: Bonus issue (Note 27) 0 (20,000,000)
At 31 December 0 0
Share premium arose from the issuance of 14,000,000 new ordinary shares of RM1.00 each at a premium of RM1.55
per share, net of share issue expenses of RM1,700,000.
29 RETAINED EARNINGS
The 2008 Budget introduced a single tier company income tax system with effect from the year of assessment 2008.
Under the single tier system, tax on a company’s profits is a final tax and dividend distributed to shareholders will
be exempted from tax in the hands of the shareholders. However, there is a transitional period of six years, expiring
31 December 2013, to allow companies to pay franked dividends to their shareholders. Companies also have an
irrevocable option to disregard the section 108 balance and opt to pay dividends under the single tier system. The
change in the tax legislation also provides for the section 108 balance to be locked-in as at 31 December 2008, in
accordance with section 39 of the Financial Act, 2008. The Company has opted to pay dividends under the single tier
system with effect from 29 September 2008.