ANNUAL REPORT 2012 - Wawasan TKH Holdings Berhad

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WAWASAN TKH HOLDINGS BERHAD (540218-A) ANNUAL REPORT 2012 073 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 (cont’d) 14. SHARE CAPITAL, RESERVES AND ACCUMULATED LOSSES (cont’d) 14.2 Reserves and accumulated losses (cont’d) (a) Capital reserve The capital reserve arose from the exercise of warrants during the financial year ended 31 December 2012. The reserve could be utilised, upon approval by the relevant authorities, to offset accumulated losses of the Group and the Company. The capital reserve arose from the Par Value Reduction in the previous financial year as disclosed in Note 14.1(i) to the financial statements had enabled the Company to eliminate RM28,844,000 of its accumulated losses, which was within the threshold approved by the Court Order dated 28 February 2011 of RM28,844,000. (b) Warrant reserve The Warrants of 71,856,764 issued pursuant to the Rights Issue exercise of the Company were constituted by a Deed Poll dated 24 July 2008 (“Deed Poll”). The Warrants were listed on Main Market of Bursa Malaysia Securities Berhad on 29 August 2008. The main features of the Warrants are as follows: (i) Each Warrant will entitle its registered holder during the exercise period to subscribe for one (1) new ordinary share at the exercise price, subject to adjustment in accordance with the provision of the Deed Poll. (ii) The exercise price of each Warrant has been fixed at RM0.21, subject to adjustments under certain circumstances in accordance with the provision of the Deed Poll. th (iii) The expiry date of Warrants shall be the day falling on the fifth (5 ) anniversary of the date of issue of the Warrants, whereupon any warrant, which has not been exercised will lapse and cease thereafter to be valid for any purpose. (iv) The ordinary shares of RM0.10 each to be issued pursuant to the exercise of the Warrants will rank pari passu in all respect with the existing issued ordinary share of the Company. During the current financial year, 16,000,000 warrants had been exercised and the balance of warrants that remain unexercised are 55,856,764 units (2011: 71,856,764 units). (c) Exchange translation reserve The exchange translation reserve is used to record foreign currency exchange differences arising from the translation of the financial statements of a foreign operation whose functional currency is different from that of the Group’s presentation currency. It is also used to record the exchange differences arising from monetary items which form part of the Group’s net investment in a foreign operation, where the monetary item is denominated in either the functional currency of the reporting entity or the foreign operation.
074 WAWASAN TKH HOLDINGS BERHAD (540218-A) ANNUAL REPORT 2012 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 (cont’d) 15. TRADE AND OTHER PAYABLES Non-current Other payables Amount owing to a related party 2012 RM’000 38,996 Group 2011 RM’000 39,735 2012 RM’000 38,996 Company 2011 RM’000 39,735 Current Trade payables Third parties 5,940 8,953 - - Other payables Amount owing to a subsidiary Amounts owing to related parties Other payables Accruals - 247 2,925 4,805 - 27 2,891 5,905 - 21 73 250 986 21 17 186 13,917 17,776 344 1,210 52,913 57,511 39,340 40,945 Non-current Amount owing to a related party, WTKHSB, a substantial corporate shareholder of the Company relates to advances received, which are unsecured and bear interest at rate of 8.10% (2011: ranging from 7.80% to 8.10%) per annum. The amount is not repayable in the next twelve (12) months. On 31 December 2012, WTKHSB has formalised the repayment terms in respect of the amount owing by the Company amounting to RM38,996,000 (2011: RM39,735,000). The said outstanding amount bears interest at 8.10% (2011: 8.10%) per annum. Term and repayment schedule Group and Company 2012 Year of maturity Carrying amount RM’000 Under 1 year RM’000 1 - 2 years RM’000 2 - 5 years RM’000 Over 5 years RM’000 Amount owing to a related party 2021 38,996 - 3,613 12,764 22,619 2011 Amount owing to a related party 2020 39,735 - 3,681 13,006 23,048 WTKHSB has agreed to the Company’s request to subordinate the advances due to WTKHSB amounting to RM38,996,000 (2011: RM39,735,000) for the next twelve (12) months from the date of this report. WTKHSB had also waived RM2,000,000 of the above advances and RM2,429,000 of the interest charged during the current financial year.
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WAWASAN TKH HOLDINGS BERHAD (540218
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002 CORPORATE INFORMATION BOARD OF
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004 CHAIRMAN’S STATEMENT (cont’
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006 DIRECTORS' PROFILE ____________
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008 DIRECTORS' PROFILE (cont’d) Y
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010 STATEMENT ON CORPORATE GOVERNAN
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016 STATEMENT ON RISK MANAGEMENT &
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018 AUDIT COMMITTEE REPORT (cont’
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020 WAWASAN TKH HOLDINGS BERHAD (54
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ANNUAL REPORT 2012 - Wawasan TKH Holdings Berhad

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