Financial Statements - Mewah Group

MEWAH INTERNATIONAL INC.
ANNUAL REPORT 2011
Notes to the Financial Statements
For the financial year ended 31 December 2011
26. Share capital and share premium (continued)
On 1 October 2010, the Shareholders approved the following:
(a)
(b)
(c)
(d)
(e)
the sub-division of the authorised share capital from US$50,000 divided into 5,000,000 shares of a par value of US$0.01
each in the capital of the Company to US$50,000 divided into 50,000,000 Shares of par value US$0.001 each in the capital
of the Company;
the sub-division of 1,050,002 issued and paid up shares of par value US$0.01 each in the capital of the Company into
10,500,020 Shares of par value US$0.001 each in the capital of the Company;
the increase in the authorised share capital from US$50,000 divided into 50,000,000 Shares of par value US$0.001 each in
the capital of the Company to US$30,000,000 of 30,000,000,000 Shares of par value US$0.001 each in the capital of the
Company by the creation of 29,950,000,000 Shares of par value US$0.001 each in the capital of the Company; and
the issue and allotment of 1,270,502,420 new Shares of par value US$0.001 each (US$1,270,000) in the capital of the
Company to the shareholders as at the date of the resolution in proportion to their shareholding, for a cash consideration
at US$0.001 per new share.
On 24 November 2010, the Company issued 226,059,000 each at SGD1.10 per share as placement in connection with
the Listing and raised gross proceeds of US$191,281,000 (SGD248,665,000). US$226,000 and US$191,055,000 have been
recognised in share capital and share premium respectively. The net proceeds received from the placement and listing
amounted to US$183,582,000, after deducting placement and listing expenses of the Company (“Listing Expenses”) of
US$7,699,000 paid during the year.
(f ) During the financial year ended 31 December 2010, Listing Expenses amounted to US$10,376,000. Listing Expenses of
US$5,639,000 which were directly attributable to the issuance of new shares were deducted against the share premium
account. The remaining balance of US$4,737,000 were charged to the income statement within “administrative expenses”.
The newly issued shares rank pari passu in all aspects with the previously issued shares.
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