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FIMA CORPORATION BERHAD
(21185-P) |
Annual Report
2016
NOTES TO THE FINANCIAL
STATEMENTS 31 MARCH 2016
(contd.)
25. OTHER RESERVES (CONTD.)
Asset
Equity
Revaluation Contribution
Reserve from Parent
Total
Company
RM’000
RM’000
RM’000
At 1 April 2014
1,530
489
2,019
Grant of equity-settled share options
-
25
25
Revaluation surplus, net of tax
26
-
26
At 31 March 2015
1,556
514
2,070
At 1 April 2015
1,556
514
2,070
Grant of equity-settled share options
-
19
19
At 31 March 2016
1,556
533
2,089
The nature and purpose of each category of reserve are as follows:
(a) Asset Revaluation Reserve
The asset revaluation reserve is used to record increases in the fair value of freehold land and buildings
and decreases to the extent that such decrease relates to an increase on the same asset previously
recognised in equity.
(b) Foreign Currency Translation Reserve/(Deficit)
The foreign currency translation reserve/(deficit) is used to record exchange differences arising from the
translation of the financial statements of foreign operations 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 foreign operations, where the monetary
item is denominated in either the functional currency of the reporting entity or the foreign operation.
(c) Equity Contribution from Parent
On 19 November 2011, the penultimate holding company, Kumpulan Fima Berhad (“KFima”)
implemented an Employees Share Scheme (“ESS”) comprising of the Share Option Scheme and the
Restricted Share Grant Scheme. The ESS is governed by Bye-Laws which was approved by KFima’s
shareholders at the extraordinary general meeting held on 21 September 2011. The ESS will expire on
17 November 2016. The ESS comprises the following:
-
Employee Share Option Scheme (“ESOS”);
whereby eligible employees are granted the right to
subscribe for a number of KFima’s shares at the prescribed subscription price subject to the terms
and conditions of the Bye-Laws. No performance targets are required to be met before the options
may be granted under the ESOS.
-
Restricted Share Grant Scheme (“RSGS”);
whereby the employees having a designation of
general manager and above will be granted the right to have a number of KFima’s shares vested
in them, subject to the terms and conditions of the Bye-Laws. The RSGS requires performance
targets to be met prior to the vesting of KFima’s shares.