182 CSE GLOBAL LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 15. PROVISION FOR WARRANTIES Group 2023 2022 $’000 $’000 At 1 January 595 686 Currency realignment (8) (38) Provision for warranties reversed, net (252) (23) Provision utilised (19) (30) At 31 December 316 595 Provision for warranties relates to estimated costs for possible rectification work during the warranty period of the Group’s projects. The provision for such costs is based on estimates made from historical data associated with similar projects. Upon the expiry of the warranty period, the Group would proceed to write back any unused portion of the warranty provision. 16. SHARE CAPITAL AND TREASURY SHARES (a) Share capital Group and Company 2023 2022 No of shares No of Shares ’000 $’000 ’000 $’000 Issued and fully paid ordinary shares At 1 January 618,548 131,902 516,068 98,542 Shares issued pursuant to rights issue − − 102,480 33,360 At 31 December 618,548 131,902 618,548 131,902 The holders of ordinary shares except treasury shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restriction. The ordinary shares have no par value. In 2022, the Company carried out rights issue exercise and allocated 102,480,000 of rights share, raising net proceeds of $33,360,000. The equity raised was for the acquisition of synergistic communication businesses. During the year, the net proceeds of S$33,360,000 raised from the rights issue exercise has been fully utilised to fund the acquisition of Logic Wireless (approximately S$21,261,000) and Radio One (approximately S$12,099,000).
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