NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) E6 Share capital Company 2024 2023 $’000 $’000 Issued and fully paid, with no par value At the beginning and end of the year 3,122,495,197 ordinary shares 895,926 895,926 Included in share capital is a special share issued to the Minister for Finance. The special share enjoys all the rights attached to the ordinary shares. In addition, the special share carries the right to approve any resolution to be passed by the Company, either in general meeting or by its Board of Directors, on certain matters specified in the Company’s Constitution. The special share may be converted at any time into an ordinary share. The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restriction. Recognition and measurement Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary shares are recognised as a deduction from equity, net of any tax effects. E7 Treasury shares Company 2024 2023 $’000 $’000 At the beginning of the year (29,644) (36,377) Purchased during the year (33,325) (20,821) Reissuance of treasury shares pursuant to share plans 30,163 27,554 At the end of the year (32,806) (29,644) Treasury shares relate to ordinary shares of the Company that are held by the Company. During the year, the Company purchased 7,880,700 (2023: 5,700,000) of its ordinary shares by way of on-market purchases. The shares, held as treasury shares, were included as deduction against shareholders’ equity. 8,008,750 (2023: 7,366,315) treasury shares, at a cost of $30,163,000 (2023: $27,554,000), were reissued pursuant to its RSP and PSP. Recognition and measurement When ordinary shares are reacquired by the Company, the consideration paid is recognised as a deduction from equity. Reacquired shares are classified as treasury shares. When treasury shares are sold, or reissued subsequently, the cost of treasury shares is reversed from the treasury shares account and the realised gain or loss on transaction is presented as a change in equity of the Company. No gain or loss is recognised in profit or loss. Treasury shares have no voting rights and no dividends are allocated to them. 232 ST ENGINEERING | ANNUAL REPORT 2024
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