Page 84 - S P Setia Annual Report 2016

 

 

 

 

 

Page 84 - S P Setia Annual Report 2016
P. 84

82    S P Setia Berhad Group                                 Our Business | Our Performance Review | Our Leadership and People
                Annual Report 2016                                        | Our Achievements and Accolades | Our Sustainability Statement
                                                                         | Our Governance | Our Financial Statements | Other Information



          Additional Compliance



          ADDITIONAL COMPLIANCE INFORMATION
          Utilisation of Proceeds Raised From Corporate Proposals

          The proceeds raised under the Rights Issue of Islamic Redeemable Convertible Preference Shares of RM0.01 each (“Rights Issue”) which was
          completed on 6 December 2016 amounting to RM1,127,625,002 have been utilised in the following manner:


                                                    Proposed        Actual      Intended                  Explanations
                                                   Utilisation   Utilisation   Timeframe for            (if the deviation
          Purpose                                   (RM’000)      (RM’000)     Utilisation  Deviation (%)  if 5% or more)
          Existing projects and general working capital   300,000   34,650      Within 18           - ^            -
          requirements of our Group                                               months
          Future development projects and expansion   826,025       53,910      Within 36           - #            -
          plans                                                                   months
          Estimated expenses for the Rights Issue      1,600         1,223   Within one (1)        23.6            *
                                                                                  month
          TOTAL                                     1,127,625

          Notes:
              Remaining balance to be used within 18 months from 6 December 2016.
          ^
              Remaining balance to be used within 36 months from 6 December 2016.
          #
          *   The expenses relating to the Rights Issue include professional fees, fees payable to the relevant authorities, printing and other miscellaneous charges. The surplus
              of proceeds which has not been used for such expenses will be reallocated for working capital purposes.
          Audit and Non-Audit Fees

          The amount of audit and non-audit fees paid or payable by the Company and its subsidiaries to the external auditors and their affiliated
          companies for the financial year ended 31 December 2016 is as follows:

                                                                                                 Group      Company
                                                                                               (RM’000)      (RM’000)
          Audit Fees                                                                              1,632          130
          Non-Audit Fees                                                                           502           293

          The non-audit fees incurred for the services rendered to the Company and the Group by its external auditors, Messrs Ernst & Young and its
          member firms of Ernst & Young Global for the financial year ended 31 December 2016 are RM292,750 and RM502,250 respectively.
          Services rendered by Messrs Ernst & Young are not prohibited by regulatory and other professional requirements, and are based on globally
          practised guidelines on auditors’ independence. Messrs Ernst & Young was engaged in these non-audit services based on their expertise and
          experience on the subject matter.

          Material Contracts
          There were no material contracts entered into by the Company and its subsidiaries involving Directors’ and major shareholders’ interest
          which were still subsisting as at the end of the financial year under review or which were entered into since the end of the previous financial
          period except as disclosed in Note 37 of the financial statements.
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