349 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 54. EQUITY COMPENSATION BENEFITS (CONT’D.) Kenanga’s Group Employees’ Share Scheme (“ESS”) (cont’d.) (1) ESOS (cont’d.) ESOS Sixth Offer 2022 Offer date Opening As at 1.1.2022 Movement during the financial year Outstanding As at 31.12.2022 Granted Exercised Forfeited / Cancelled 02.08.2021 3,718,000 - 4,000 711,500 3,002,500 WAEP (RM) 1.370 - 1.370 1.370 1.370 2021 Offer date Opening As at 1.1.2021 Movement during the financial year Outstanding As at 31.12.2021 Granted Exercised Forfeited / Cancelled 02.08.2021 - 4,578,000 - 860,000 3,718,000 WAEP (RM) N/A 1.370 - 1.370 1.370 The fair values of share options granted were estimated using the Binomial Option Pricing Model, taking into account the terms and conditions upon which the options are granted. The fair values of share options and the key inputs for share options valuation are as follows: ESOS First Offer Tranches of vesting: First tranche Second tranche Third tranche Fourth tranche Fair value of share options (RM) 0.0856 0.0963 0.1047 0.1111 Share price at offer date (RM) 0.550 0.550 0.550 0.550 Exercise price (RM) 0.575 0.575 0.575 0.575 Expected volatility (%) 26.92% 26.92% 26.92% 26.92% Risk free rate (%) 3.688% 3.688% 3.688% 3.688% Expected dividend yield (%) 4.00% 4.00% 4.00% 4.00% The exercise period is 3 years from vesting date.
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