Equity

12 Months Ended

Dec. 31, 2021

23.

EQUITY

23(a)Common shares

	As of December 31,
	2021		2020
Authorized shares	Number of shares		Number of shares
Common shares of US$0.01 each		50,000,000		50,000,000

Common shares issued and fully paid	Number of shares		US$’000
At December 31, 2021		13,830,769		138
At December 31, 2020		13,830,769		138
At January 1, 2020		13,830,769		138

23(b)Dividends

On November 11, 2016, APWC announced that the Board of Directors approved the implementation of a dividend policy as part of APWC's ongoing commitment to increasing shareholder value and return on investment. Pursuant to the dividend policy, subject to review and approval by the Board of Directors, APWC may pay cash dividends of at least 25% of its net post-tax audited consolidated profits attributable to shareholders. As APWC is a holding company, its ability to pay dividends is dependent upon distributions that it receives from its operating subsidiaries and affiliates, which are subject to a number of factors including operating results, capital requirements, expansion plans, debt covenants, business prospects, consideration for non-recurring items and other factors that are deemed relevant from time to time by the respective boards of our subsidiaries and affiliates. The dividend policy will be reviewed on an ongoing basis and updated at the discretion of the Board of Directors as business circumstances and available capital and capital requirements may change.

APWC did not declare or pay dividends distributed to owners for the years ended December 31, 2021, 2020 and 2019.

23.	EQUITY (continued)

23(c)Other comprehensive income – net of tax

The disaggregation of changes of other comprehensive income by each type of reserve in equity is shown below:

	For the year ended December 31, 2021
	Remeasurement of defined benefit plans		Financial assets at FVOCI reserve		Foreign currency translation reserve			Total
	US$’000		US$’000		US$’000			US$’000
Exchange difference on translation of foreign operations		—		—		(15,028	)		(15,028	)
Re-measuring gains on defined benefit plans		447		—		—			447
Changes in fair value of financial assets at fair value through other comprehensive income		—		587		—			587
		447		587		(15,028	)		(13,994	)

	For the year ended December 31, 2020
	Remeasurement of defined benefit plans		Financial assets at FVOCI reserve			Foreign currency translation reserve		Total
	US$’000		US$’000			US$’000		US$’000
Exchange difference on translation of foreign operations		—		—			5,211		5,211
Re-measuring gains on defined benefit plans		159		—			—		159
Changes in fair value of financial assets at fair value through other comprehensive income		—		(1,431	)		—		(1,431	)
		159		(1,431	)		5,211		3,939

	For the year ended December 31, 2019
	Remeasurement of defined benefit plans			Financial assets at FVOCI reserve		Foreign currency translation reserve		Total
	US$’000			US$’000		US$’000		US$’000
Exchange difference on translation of foreign operations		—			—		10,677		10,677
Re-measuring losses on defined benefit plans		(1,382	)		—		—		(1,382	)
Changes in fair value of financial assets at fair value through other comprehensive income		—			1,336		—		1,336
		(1,382	)		1,336		10,677		10,631