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ISSUE OF SHARES Ordinary shares WCT Berhad (66538-K) annual report 2011 During the financial year, the Company increased its issued and paid-up ordinary share capital from RM393,470,957 to RM402,604,102, comprising 805,208,204 ordinary shares of RM0.50 each, by way of: (i) issuance of 15,734,960 ordinary shares of RM0.50 each for cash pursuant to the Company’s ESOS at exercise price ranging from RM0.61 to RM2.73 per ordinary share. (ii) issuance of 1,785,525 ordinary shares of RM0.50 each pursuant to the conversion of 8,927,627 ICPS of RM0.10 which was satisfied by surrendering 5 ICPS for each new ordinary share. (iii) issuance of 22,374 ordinary shares of RM0.50 each pursuant to the conversion of Warrants 2008/2013 at an exercise price of RM2.50 per ordinary share for cash. (iv) issuance of 723,432 ordinary shares of RM0.50 each pursuant to the conversion of Warrants 2011/2016 at an exercise price of RM2.75 per ordinary share for cash. The new ordinary shares rank pari passu in all respects with the existing ordinary shares. Irredeemable Convertible Preference Shares ("ICPS") As mentioned in (ii) above, 8,927,627 ICPS of RM0.10 each were converted into 1,785,525 new ordinary shares of RM0.50 each during the financial year. Employees' Share Option Scheme ("ESOS") Details of the ESOS and options granted and not exercised as at 31 December 2011 are set out in Note 29(b) to the financial statements. The Company has been granted exemption by the Companies Commission of Malaysia under Section 169(11) of the Companies Act, 1965 from having to disclose the names of option holders who held less than 304,000 options. Those employees of the Group whose share options entitlements are equal to or more than 304,000 share options in the Company pursuant to the ESOS are as follows: Number of share options over ordinary shares of RM0.50 each pursuant to WCT Berhad's ESOS 1 January 31 December 2011 Granted (Exercised) 2011 Ng Eng Keat 671,666 - (118,666) 553,000 Saw Aik Hock 446,000 - - 446,000 Ling Nguok Kiew 386,332 86,000 (109,332) 363,000 Elina Binti Abdul Aziz 236,000 108,000 - 344,000 Beh Chye Meng 326,332 - - 326,332 Choo Kam Foo 336,000 81,000 (113,000) 304,000 65 DIRECTORS' REPORT cont’d
66 WCT Berhad (66538-K) annual report 2011 DIRECTORS' REPORT cont’d WARRANTS 2008/2013 Pursuant to the issuance of the RM300 million nominal value of Islamic Serial Redeemable Bonds ("SUKUK"), 139,887,452 detachable warrants rights were allotted and listed on the Main Board of Bursa Malaysia Securities Berhad on 28 April 2008. The salient features of the Warrants 2008/2013 are disclosed in Note 29(c) to the financial statements. The exercise price of Warrants 2008/2013 is adjusted from RM3.00 per ordinary share to RM2.50 per ordinary share in accordance with the provision of Deed Poll dated 12 March 2008 to ensure that the status of the holders of Warrants 2008/2013 is not prejudiced as a result of the issuance of Warrants 2011/2016. During the financial year, 22,374 warrants were converted into 22,374 new ordinary shares of RM0.50 each at an exercise price of RM2.50 per ordinary share for cash. As at the year end of the financial year, 139,350,803 warrants remain unexercised. WARRANTS 2011/2016 Pursuant to the issuance of the RM600 million nominal value of Serial Fixed Rate Bonds of up to 5 years, 157,935,129 detachable warrants rights were allotted and listed on the Main Board of Bursa Malaysia Securities Berhad on 18 March 2011. The salient features of the Warrants 2011/2016 are disclosed in Note 29(d) to the financial statements. During the financial year, 723,432 warrants were converted into 723,432 new ordinary shares of RM0.50 each at an exercise price of RM2.75 per ordinary share for cash. As at the year end of the financial year, 157,211,697 warrants remain unexercised. OTHER STATUTORY INFORMATION (a) Before the statements of financial position, income statements and the statements of comprehensive income of the Group and of the Company were made out, the Directors took reasonable steps: (i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had been made for doubtful debts; and (ii) to ensure that any current assets which were unlikely to realise their values as shown in the accounting records in the ordinary course of business had been written down to an amount which they might be expected so to realise. (b) At the date of this report, the Directors are not aware of any circumstances which would render: (i) if necessary to write off any bad debts or the amount written off for bad debts or the amount of the provision for doubtful debts inadequate to any substantial extent; and (ii) the values attributed to current assets in the financial statements of the Group and of the Company misleading. (c) At the date of this report, the Directors are not aware of any circumstances which have arisen which would render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate. (d) At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or financial statements of the Group and of the Company which would render any amount stated in the financial statements misleading.
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4. PROPERTY, PLANT AND EQUIPMENT co
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4. PROPERTY, PLANT AND EQUIPMENT co
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5. LAND HELD FOR PROPERTY DEVELOPME
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6. INVESTMENT PROPERTIES WCT Berhad
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7. INVESTMENT IN SUBSIDIARIES cont
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7. INVESTMENT IN SUBSIDIARIES cont
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8. INVESTMENT IN ASSOCIATES WCT Ber
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8. INVESTMENT IN ASSOCIATES cont’
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9. INVESTMENT IN JOINTLY CONTROLLED
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11. CONCESSION ASSETS WCT Berhad (6
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13. TRADE RECEIVABLES cont’d (a)
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13. TRADE RECEIVABLES cont’d (b)
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15. DUE FROM/(TO) RELATED PARTIES c
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19. OTHER PAYABLES WCT Berhad (6653
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20. BORROWINGS cont’d Total borro
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24. TERM LOANS Secured WCT Berhad (
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26. ISLAMIC SERIAL REDEEMABLE BONDS
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29. SHARE CAPITAL WCT Berhad (66538
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29. SHARE CAPITAL cont’d (b) Empl
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29. SHARE CAPITAL cont’d (b) Empl
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29. SHARE CAPITAL cont’d (c) Warr
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30. IRREDEEMABLE CONVERTIBLE PREFER
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32. RESERVES WCT Berhad (66538-K) a
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33. NON�CONTROLLING INTEREST WCT
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34. DEFERRED TAXATION cont’d WCT
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37. OTHER OPERATING INCOME/�LOSS
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39. PROFIT BEFORE TAXATION (a) The
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39. PROFIT BEFORE TAXATION cont’d
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40. TAXATION Tax expense for the ye
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41. EARNINGS PER SHARE (i) Basic WC
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42. DIVIDENDS cont’d Recognised d
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44. OPERATING LEASE ARRANGEMENTS co
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46. CONTINGENT LIABILITIES cont’d
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47. FINANCIAL INSTRUMENTS cont’d
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49. SIGNIFICANT EVENTS During the f
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50. SUBSEQUENT EVENTS cont’d (i)
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51. CONTRACT DISPUTE cont’d State
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52. SEGMENT INFORMATION cont’d Bu
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52. SEGMENT INFORMATION cont’d Ge
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No. Location Description 1. Master
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No. Location Description 7. Seven (
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(2) Thirty Largest Shareholders con
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(2) Thirty Largest ICPS Holders WCT
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(2) Thirty Largest Warrants Holders
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(2) Thirty Largest Warrants Holders
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(2) Directors’ Interests in Warra
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WCT Berhad (66538-K) annual report
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Meeting : 31st Annual General Meeti
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I/We WCT Berhad (66538-K) (Incorpor
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IXORA CAMELLIA Double-storey bungal
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