Kenanga Investment Bank Berhad Annual Report 2021 350 Our Sustainability Approach About This Report We Are Kenanga Message From Chairman and GMD 54. EQUITY COMPENSATION BENEFITS (CONT’D.) Kenanga’s Group Employees’ Share Scheme (“ESS”) (cont’d.) (2) ESGP (cont’d.) (b) PSP The PSP is a performance share plan in recognition of the contribution of the eligible employees as drivers of the growth and performance of the Group. The PSP is intended to promote the alignment in the strategic achievements of the Group with that of the eligible employees to drive the creation of shareholders’ value and the growth of long term financial performance of the Group. The vesting conditions are stipulated and determined by the ESS Committee, which may include, amongst others, the achievement of relevant service objectives and specific performance targets as measured by both qualitative and quantitative KPIs, during such period as stipulated in the ESGP award. On 2 January 2018, 3,612,735 units of share grant were allocated under PSP and on 3 May 2021, 3,610,000 units of shares were awarded to eligible Senior Management of the Group and of the Bank. Details of share options awarded under PSP: Award date Number of PSP share awarded Vesting date 03.05.2021 3,610,000 02.06.2021 PSP Grantee is restricted from selling or transferring the shares issued to him or her for a period of one year from the award date. 55. SIGNIFICANT AND SUBSEQUENT EVENTS (a) There was no significant event during the financial year ended 31 December 2021 other than the following: Changes in composition of the Group (i) KIB had disposed entire issued and paid-up share capital of Libra Invest Berhad (“LIB”) for a cash consideration of RM10,750,000. LIB ceased to be an indirect wholly-owned subsidiary of the Bank with effect from 30 April 2021 following the disposal. (ii) On 26 August 2020, KIB entered into a Share Purchase Agreement with ValueCAP Sdn Bhd to acquire the entire issued and paid-up share capital of I-VCAP. This acquisition was completed on 19 February 2021, upon which, I-VCAP became a wholly-owned subsidiary of KIB. Notes to the Financial Statements 31 December 2021
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