DELEUM BERHAD UNISON IN DIVERSITY - ChartNexus

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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 RETA<strong>IN</strong>ED EARN<strong>IN</strong>GS 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.
Notes to the Financial Statements (continued) 31 December 2009 30 MERGER DEFICIT Deleum Berhad Annual Report 2009 103 Group 2009 2008 RM RM Arising from the Company’s business combination with Delcom Services Sdn. Bhd. 50,000,000 50,000,000 Merger deficit represents the excess of the nominal value of the shares of the Company being allotted of RM60,000,000 over the nominal value of the share capital of Delcom Services Sdn. Bhd. acquired of RM10,000,000. 31 SIGNIFICANT RELATED PARTY DISCLOSURES Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the party in making financial or operations decisions, or if one other party controls both. (a) The following transaction is with a party related to a corporate shareholder of a subsidiary, Turboservices Sdn. Bhd. Group 2009 2008 RM RM Purchases: - Solar Turbines International Company 124,048,000 98,412,022 Significant outstanding balance arising from the above transactions during the financial year are as follows: Group 2009 2008 RM RM Amount due to Solar Turbines International Company 5,658,567 14,661,486
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32 Unison in Diversity 1. THE BOARD
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42 Unison in Diversity VI. INTERNAL
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DELEUM BERHAD UNISON IN DIVERSITY - ChartNexus

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