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Annual Report 2017

191

Notes to the

financial statements

31 march 2017

33. Employee benefits

Employees’ Share Scheme (“ESS”)

The ESS comprises the following:

(i)

Employee Share Option Scheme (“ESOS”)

; whereby eligible employees are granted the right to subscribe for a number

of the Company 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 are granted under the ESOS.

(ii)

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 Company 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 such shares.

In implementing the RSGS, the Company has appointed a company as a trustee for the purposes of subscribing for the

new shares and transferring such shares to the entitled employees as the Options Committee shall direct.

The eligibility criteria of the ESS are as follows:

(i)

Full time employment in the Company or other company within the Group for more than one (1) year;

(ii)

A resident who is a citizen of Malaysia, non-citizen with permanent resident status or noncitizen who holds a valid work

permit in Malaysia and has entered into a full time or fixed term employment with any Company within the Group, having

the designation of Manager or above;

(iii)

If the employee is working under a fixed-term contract basis, the term of contract must not be less than two (2) years and

renewal of contract must take place six (6) months before expiration; and

(iv)

Fulfills such other criteria as determined by the Options Committee from time to time.

The ESS is for a period of 5 years and the Options Committee has the discretion to extend the duration of the ESS for up to

another 5 years provided that the scheme does not exceed 10 years in its entirety.

(a) ESOS

The following table illustrates the number of share options (“No.”), weighted average exercise prices (“WAEP”) and

movements during the financial year:

Movement of share options under the ESOS during the financial year

Group

2017

2016

No.

WAEP (RM)

No.

WAEP (RM)

Outstanding at 1 April 2016/ 1 April 2015

8,273,500

1.64

9,128,200

1.64

- Granted

268,800

1.83

844,800

1.89

- Exercised

(2,166,117)

1.49

(880,600)

1.48

- Forfeited/lapsed

(2,812,500)

1.93

(818,900)

1.77

Outstanding at 31 March

3,563,683

1.89 8,273,500

1.64

Exercisable at 31 March

-

-

8,736,000

1.68