KENANGA ANNUAL REPORT 2019

236 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2019 44. OPERATING LEASE ARRANGEMENTS Operating lease payments represent rentals payable for the use of office equipment and premises. A summary of the non-cancellable operating leases contracted for as at reporting date but not recognised as liabilities and sub-lease receipts expected to be received under non-cancellable sublease are as follows: Group Bank 2019 RM'000 2018 RM'000 2019 RM'000 2018 RM'000 Future minimum rental payable: Within one year - 8,114 - 7,706 Between one and five years - 6,372 - 6,171 - 14,486 - 13,877 With effect from 1 January 2019 operating leases are recognised on balance sheet as right-of-use assets in accordance with MFRS 16 Leases . Please refer to Note 2.1 (a) of changes in accounting policies and regulatory requirements. Group Bank 2019 RM'000 2018 RM'000 2019 RM'000 2018 RM'000 Future minimum sub lease receipts: Subsidiaries - - 2,945 2,945 External parties 4,458 4,458 4,458 4,458 4,458 4,458 7,403 7,403 45. DIVIDEND During the financial year, an interim single tier dividend of 1.10 sen (2018 final single tier dividend: 3.0 sen) per ordinary share on 698,687,499 ordinary shares (2018: 721,761,599 ordinary shares) in respect of the financial year ended 31 December 2018 (2018: financial year ended 31 December 2017), which amounted to RM7,685,562 (2018: RM21,652,848) was paid on 19 April 2019 (2018: paid on 31 May 2018). Subsequent to financial year end, on 2 March 2020 the Directors declared an interim dividend in respect of the current financial year ended 31 December 2019 of 3.25 sen amounting to a dividend payable of approximately RM22,707,344. This is computed based on issued and paid-up capital as of 31 December 2019 of 698,687,499 ordinary shares (excluding 24,053,900 treasury shares). The financial statements for the current financial year do not reflect this interim dividend. Such dividend will be accounted for in equity as an appropriation of retained profits in the financial year ending 31 December 2020.