Annual Report 2023 163 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 19. SHARE CAPITAL 2023 2022 Group/Company Number of Shares Share Capital Number of Shares Share Capital ’000 RM’000 ’000 RM’000 Issued and Fully Paid-Up Ordinary shares At 1 April 2,962,000 261,284 2,700,000 135,000 Private placement - - 262,000 126,284 At 31 March 2,962,000 261,284 2,962,000 261,284 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. On 6 April 2021, the Company received the gross proceeds amounting to RM126,284,000 from the Private Placement of 262,000,000 new ordinary shares at an issue price of RM0.482 per share of which the issued share capital of the Company was increased to RM261,284,000 comprising of 2,962,000,000 ordinary shares. The Private Placement was completed on 7 April 2021 and the new ordinary shares were listed and quoted on the Main Market of Bursa Malaysia Securities Berhad on 8 April 2021. 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 32,809,000 (2022 - 19,446,000) of its issued ordinary shares from the open market at an average price of approximately RM0.48 (2022 - RM0.45) per share. The total consideration paid for the purchase was RM15,835,679 (2022 - RM8,850,624) including transaction costs. The ordinary shares purchased are held as treasury shares in accordance with Section 127(6) of the Companies Act 2016 and are presented as a deduction from equity. Of the total 2,962,000,000 (2022 - 2,962,000,000) issued and fully paid-up ordinary shares at the end of the reporting period, 129,450,000 (2022 - 96,641,000) ordinary shares are held as treasury shares by the Company. The treasury shares are held at a carrying amount of RM62,267,093 (2022 - RM46,430,427). 21. MERGER DEFICIT The merger deficit of RM11,072,000 (2022 - 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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