132 F INANC IAL Statements 05 Sect ion Ranhi ll Ut i l i t i es Berhad DIVIDENDS (contd.) The Board of Directors had on 6 April 2023, declared a second interim tax exempt (single-tier) dividend of 2.0 sen on 1,288,638,058 ordinary shares in respect of the financial year ended 31 December 2022 amounting to RM25,772,761 and to be paid on 15 May 2023. The financial statements for the current financial year do not reflect this dividend. Such dividend will be accounted for in equity as an appropriation of retained earnings in the financial year ending 31 December 2023. The directors do not recommend a final dividend in respect of the financial year ended 31 December 2022. RESERVES AND PROVISIONS There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the financial statements. ISSUE OF SHARES There was no issuance of shares during the financial year. TREASURY SHARES During the financial year, the Company: (i) repurchased 7,462,000 of its issued ordinary shares from the open market at an average price of RM0.49 per share. The shares repurchased are being held as treasury shares in accordance with Section 127 of the Companies Act 2016; (ii) had declared on 29 November 2021 and distributed on 20 January 2022 a second interim dividend (single-tier) by way of dividend-in-specie via a share dividend distribution of up to 6,411,318 treasury shares on the basis of 0.5 share dividend for every 100 ordinary shares held equivalent to a gross cash dividend of 0.34 sen per ordinary share; and (iii) had declared on 25 February 2022 and distributed on 20 April 2022 a third interim dividend (single-tier) by way of dividend-in-specie via a share dividend distribution of up to 6,420,500 treasury shares on the basis of 0.5 share dividend for every 100 ordinary shares held equivalent to a gross cash dividend of 0.29 sen per ordinary share. As at 31 December 2022, the number of treasury shares held are 7,279,165 (2021: 12,648,983) ordinary shares. Such treasury shares are held at carrying amount of RM3,569,000 (2021: RM7,963,000) and further relevant details are disclosed in Note 36 to the financial statements. OTHER STATUTORY INFORMATION Before the financial statements of the Group and of the Company were prepared, the directors took reasonable steps: (a) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for doubtful debts, and had satisfied themselves that all known bad debts had been written off and that adequate allowance had been made for doubtful debts; and (b) to ensure that any current assets which were unlikely to be realised in the ordinary course of business including the value of current assets as shown in the accounting records of the Group and of the Company had been written down to an amount which the current assets might be expected so to realise. Di rectors ’ Report
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