Annual Report 2024

254 2024 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 31 Capital and reserves (continued) (b) Share capital Authorised and issued share capital 2024 2023 No. of shares $’000 No. of shares $’000 Authorised: Ordinary shares of $1 each 600,000,000 600,000 600,000,000 600,000 Ordinary shares of $1 each, issued and fully paid: At 1 January 494,343,118 494,343 474,940,075 474,940 Share issued in respect of scrip dividend – 2022 final dividend – – 11,974,451 11,975 Share issued in respect of scrip dividend – 2023 interim dividend – – 7,428,592 7,428 Share issued in respect of scrip dividend – 2023 final dividend 14,558,307 14,558 – – At 31 December 508,901,425 508,901 494,343,118 494,343 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. All ordinary shares rank equally with regard to the Company’s residual assets. (c) Nature and purpose of reserves (i) Share premium The application of the share premium account is governed by the Company’s Bye-laws and the Companies Act 1981 of Bermuda. (ii) Capital reserve The capital reserve comprises the portion of the grant date fair value of unexercised share options granted to the Directors of the Company and certain employees of the Group that has been recognised in accordance with the accounting policy adopted for share-based payments in note 1(x)(iii). (iii) Exchange reserve The exchange reserve comprises all foreign exchange differences arising from the translation of the financial statements of entities outside Hong Kong. The reserve is dealt with in accordance with the accounting policy set out in note 1(w). (iv) Fair value reserve (recycling) The fair value reserve (recycling) comprises the cumulative net change in the fair value of investments in financial assets measured at FVOCI (recycling) under HKFRS 9 held at the end of the reporting period (see note 1(g)(i)). (v) Fair value reserve (non-recycling) The fair value reserve (non-recycling) comprises the cumulative net change in the fair value of equity investments designated at FVOCI under HKFRS 9 that are held at the end of the reporting period (see note 1(g)(ii)).