NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 19 SHARE CAPITAL Company 2024 2023 Number of shares $’000 Number of shares $’000 Issued and fully paid ordinary share capital with no par value: At 1 January 906,901,330 1,661,179 906,901,330 1,661,179 Less: Purchase of treasury shares (13,499,600) – – – At 31 December 893,401,730 1,661,179 906,901,330 1,661,179 Issued and fully paid non-redeemable convertible non-cumulative preference share capital with no par value: At 1 January 297,786,832 304,410 330,874,257 330,218 Less: Purchase and cancellation of preference shares (29,778,683) (23,227) (33,087,425) (25,808) At 31 December 268,008,149 281,183 297,786,832 304,410 1,942,362 1,965,589 During the year, the Company acquired 13,499,600 (2023: Nil) treasury shares for a total consideration of $79,399,000 (including transaction costs) (2023: Nil). The consideration paid is recognised as deduction from the equity and presented as treasury shares. As at 31 December 2024, the Company held 15,899,600 treasury shares (31 December 2023: 2,400,000) which represented 1.78% of the total number of issued shares (excluding treasury shares). During the year, the Company acquired 29,778,683 (2023: 33,087,425) preference shares for a total consideration of $23,227,000 (2023: $25,808,000) and subsequently, cancelled them. Ordinary share capital The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per ordinary share at general meetings of the Company. All ordinary shares rank equally with regard to the Company’s residual assets. Preference share capital The Company has in issue 268,008,149 (2023: 297,786,832) non-redeemable convertible non-cumulative preference shares (Preference Shares), listed on the Official List of Singapore Exchange Securities Trading Limited. The Preference Shares are convertible only at the option of the Company, into fully-paid ordinary shares of the Company at the conversion ratio of 0.136 ordinary share for each Preference Share. In the event the Company exercises its right of conversion, the Company shall pay to preference shareholders a one-off preference cash dividend at the fixed rate of 64% (net) of the issue price for each Preference Share (Additional Preference Dividend) and any preference dividend accrued but unpaid. As at 31 December 2024, a maximum number of 36,449,108 (2023: 40,499,009) ordinary shares are issuable upon full conversion at the sole option of the Company of all the Preference Shares. Holders of Preference Shares have no voting rights, except under certain circumstances provided for in the Singapore Companies Act and as set out in the Company’s Constitution. ANNUAL REPORT 2024 FINANCIALS 143
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