Annual Report 2022 141 ABOUT US LEADERSHIP PERSPECTIVE SUSTAINABILITY GOVERNANCE FINANCIAL STATEMENTS Other Information Notes to the Financial Statements for the Financial Year Ended 31 March 2022 (Cont’d) 19. SHARE CAPITAL 2022 2021 Number Share Number Share Group/Company of Shares Capital of Shares Capital ’000 RM’000 ’000 RM’000 Issued and Fully Paid-Up Ordinary shares At 1 April 2,700,000 135,000 1,350,000 135,000 Private placement 262,000 126,284 - - New shares issued as bonus - - 1,350,000 - At 31 March 2,962,000 261,284 2,700,000 135,000 The holders of ordinary shares (except treasury shares) are entitled to receive dividends as and when declared by the Company, and are entitled to one vote per ordinary share at meetings of the Company. The ordinary shares have no par value. In the previous financial year, the Company issued 1,350,000,000 new ordinary shares by way of bonus issue on the basis of one (1) new ordinary share for every one (1) existing ordinary share held in the Company on 1 October 2020. During the financial year, the issued share capital of the Company was increased to RM261,284,000 comprising of 2,962,000,000 ordinary shares from private placement. The details of the private placement are disclosed in Note 48(a) to the financial statements. The new ordinary shares issued rank pari passu in all respects with the existing ordinary shares of the Company. 20. TREASURY SHARES During the financial year, the Company purchased 19,446,000 (2021 - 16,740,500) of its issued ordinary shares from the open market at an average price of RM0.45 (2021 - RM0.68) per share. The total consideration paid for the purchase was approximately RM8,850,624 (2021 - RM11,446,000) including transaction costs. The ordinary shares purchased are held as treasury shares in accordance with Section 127(6) of the Companies Act 2016. Of the total 2,962,000,000 (2021 - 2,700,000,000) issued and fully paid-up ordinary shares at the end of the reporting period, 96,641,000 (2021 - 77,195,500) ordinary shares are held as treasury shares by the Company. 21. MERGER DEFICIT The merger deficit of RM11,072,000 (2021 - RM11,072,000) resulted from the difference between the carrying value of the investments in subsidiaries and the nominal value of the shares of the Company’s subsidiaries upon consolidation under the merger accounting principle. 22. FOREIGN EXCHANGE TRANSLATION RESERVE The foreign exchange translation reserve arose from the translation of the financial statements of foreign subsidiaries whose functional currencies are different from the Group’s presentation currency.
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