XML 32 R22.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Warrant Liabilities
 6 Months Ended
Jun. 30, 2024
Warrant Liabilities [Abstract]  
WARRANT LIABILITIES
16WARRANT LIABILITIES

 

   December 31,
2023		   June 30,
2024		 
   RM   RM   USD 
Cost            
             
At January 1   
-
    1,964,335    416,420 
Additions   1,964,335    13,043,907    2,765,180 
Exercised   
-
    (7,448,077)   (1,578,919)
Currency realignment   
-
    54,744    11,605 
At December 31   1,964,335    7,614,909    1,614,286 

 

In connection with the advisory agreement entered into with Exchange Listing, LLC, a Nevada limited liability corporation, the Company has issued a total of 250,000 warrants exercisable at USD 4.00 per share to Exchange Listing, LLC on March 26, 2023.

 

On January 17, 2024, the Company has issued a total of 2,200,000 of warrant A and warrant B each at USD 1.25 per share to shareholders in following offering. As of June 30, 2024, a total of 2,518,984 warrant have been exercised.

 

Management applied the provisions of debt and equity classification under IAS 32 Financial Instruments: Presentation (“IAS 32”). In accordance with IAS 32, a contract to issue a variable number of shares fail to meet the definition of equity and must instead be classified as a derivative liability and measured at fair value with changes in fair value recognised in the consolidated statement of comprehensive income at each reporting date. As these warrants include contingent settlement provisions that introduce potential variability to the settlement amounts of the warrants, dependent on the occurrence of some uncertain future events, the warrants are accounted for as derivative financial liabilities at fair value.

 

The Group applied a Black-Scholes pricing model to estimate the fair value of the warrant liabilities. The significant inputs into the model are shown below.

 

   Warrant A   Warrant B   Warrant to
Exchange
listing		 
Share price  USD1.08   USD1.08   USD2.26 
Exercise price / warrant  USD1.25   USD1.25   USD4.00 
Expected volatility   98.07%    98.07

%

   130.14%
Dividend yield    Nil     Nil    Nil 
Expected term (years)    5 years     1.5 years    4.24 years 
Annual risk-free interest rate   4.106%    4.106%    3.918%