Chemical Company of Malaysia Berhad Annual Report 2018

Notes to the Financial Statements 14. CAPITAL AND RESERVES (CONTINUED) 14.6 Treasury shares The shareholders of the Company, by a special resolution passed in a general meeting held on 23 April 1998, approved the Company’s plan to repurchase its own shares. The renewal of the authority for purchase of its own shares lapsed in 2004 and no further renewal was sought. In the previous financial year, the Company disposed off a total of 2,998,000 treasury shares with a total consideration received of RM4.56 million. The treasury shares were disposed in accordance with Section 127 (7)(b) of the Companies Act 2016. There was no repurchase of issued share capital in the current financial year. 14.7 Share premium Share premium comprises the premium paid on subscription of shares in the Company over and above the par value of the shares. In accordance with Section 618 of the Companies Act 2016, any amount standing to the credit of the share premium account has become part of the Company’s share capital. The Company has twenty-four months upon the commencement of the Companies Act 2016 on 31 January 2017 to utilise on the credit. In the previous financial year, share premium reserve amounting to RM39,944,000 were transferred to share capital in accordance with Section 618(3) of the Companies Act 2016. 15. LOANS AND BORROWINGS Group Company Note 2018 2017 2018 2017 Non-current - unsecured Term loans 15.1 152,107 108,750 114,827 68,750 Current - unsecured Bankers’ acceptances – 2,818 – – Term loans 15.1 21,695 335,570 9,615 325,570 Revolving credit and trade facilities 15.2 20,000 21,000 20,000 20,000 41,695 359,388 29,615 345,570 193,802 468,138 144,442 414,320 156 ANNUAL REPORT 2018