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FINANCIAL STATEMENTS

Axiata Group Berhad | Annual Report 2016

117

DIVIDENDS (CONTINUED)

The DRS as stated in Note 13(a) to the financial statements was made applicable to the dividends declared during the financial year whereby shareholders

were given the option to reinvest the whole or part of the dividend into new ordinary shares of the Company.

The Board of Directors has recommended a final tax exempt dividend under the single tier system of 3 sen per ordinary share of RM1 each of the Company

in respect of financial year ended 31 December 2016 amounting to a total of RM269.1 million, based on the issued and paid-up capital of the Company as at

31 December 2016. The proposed dividend is subject to approval by the shareholders at the forthcoming Annual General Meeting (“AGM”).

The Board of Directors also determined that the Company’s DRS will apply to the proposed final dividend. This will be subject to the approval of shareholders

at the forthcoming AGM for the renewal of the authority for the Directors of the Company to allot and issue the new ordinary shares pursuant to the DRS

and the approval of Bursa Securities Berhad.

RESERVES AND PROVISIONS

All material transfers to or from reserves or provisions during the financial year have been disclosed in the financial statements.

AXIATA SHARE SCHEME

The Performance-Based ESOS of the Company was approved by its shareholders at the Extraordinary General Meeting (“EGM”) held on 24 March 2009 and

implemented on 16 April 2009.

On 1 June 2011, the Company’s shareholders had, at the Nineteenth (19

th

) AGM of the Company, approved the amendments to the Bye-Laws of the ESOS

to include a RSP. Accordingly, the existing Performance-Based ESOS was renamed as Axiata Share Scheme.

Details of the Axiata Share Scheme are disclosed in Note 14(a) to the financial statements.

No Performance-Based ESOS was granted to the employees of the Group during the financial year.

DIRECTORS

The Directors who have held office during the period since the date of last report are as follows:

Tan Sri Dato’ Azman Hj. Mokhtar

Tan Sri Jamaludin Ibrahim

Tan Sri Ghazzali Sheikh Abdul Khalid

Datuk Azzat Kamaludin

David Lau Nai Pek

Bella Ann Almeida

Kenneth Shen

Dr Muhamad Chatib Basri

Dato’ Mohd Izzaddin Idris

Appointed on 24 November 2016

Juan Villalonga Navarro

Retired on 25 May 2016

Dato’ Abdul Rahman Ahmad

Resigned on 30 September 2016

In accordance with Article 93 of the Company’s Article of Association, Dr Muhamad Chatib Basri and Kenneth Shen retire from the Board at the Twenty-fifth

(25

th

) AGM and being eligible, offer themselves for re-election.

In accordance with Article 99(ii) of the Company’s Article of Association, Dato’ Mohd Izzaddin Idris retires from the Board at the Twenty-fifth (25

th

) AGM and

being eligible, offer himself for re-election.