Annual Report 2019

DIRECTORS’ REPORT (CONT’D.) Directors’ benefits During and at the end of the financial year ended 31 December 2019, no arrangements subsisted to which the Company is a party, being arrangements with the object or objects of enabling directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate. Since the end of the previous financial year, no director has received or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the director or with a firm of which he is a member, or with a company in which he has a substantial financial interest, except as disclosed in Note 5(b) and Note 5(c) to the financial statements. Directors’ interests According to the register of directors’ shareholdings, the interests of directors in office at the end of the financial year in shares in the Company and its related corporations during the financial year were as follows: Number of ordinary shares At At 1.1.2019 Acquired Disposed 31.12.2019 Direct interests in the Company Datuk Kamarudin bin Meranun2 2,000,000 – – 2,000,000 Tan Sri Anthony Francis Fernandes2 1,600,000 – – 1,600,000 Dato’ Abdel Aziz @ Abdul Aziz bin Abu Bakar 29,500 960,000 – 989,500 Dato’ Mohamed Khadar bin Merican 180,000 70,000 – 250,000 Stuart L Dean 40,000 – – 40,000 Indirect interests in the Company Tan Sri Anthony Francis Fernandes1 1,075,485,082 – – 1,075,485,082 Datuk Kamarudin Bin Meranun1 1,075,485,082 – – 1,075,485,082 1 By virtue of their interests in shares in the substantial shareholder of the Company, Tune Air Sdn. Bhd. 2 (“TASB”) and Tune Live Sdn. Bhd. 3 (“TLSB”), Tan Sri Anthony Francis Fernandes and Datuk Kamarudin bin Meranun are deemed to have interests in the Company to the extent of TASB’s and TLSB’s interests therein, in accordance with Section 8 of the Companies Act 2016. 2 Shares held under HSBC Nominees (Tempatan) Sdn. Bhd. 3 Shares held under own name, RHB Capital Nominees (Tempatan) Sdn. Bhd. and HSBC Nominees (Tempatan) Sdn. Bhd. Other than as disclosed above, none of the other directors in office at the end of the financial year held any interest in shares or debentures of the Company and its related corporations during the financial year. 208 MORE THAN JUST AN AIRLINE >