EXCEL FORCE MSC BERHAD Annual Report 2019

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2019 88 notes to the financial statements 31 december 2019 (cont’d) 15. Deposits, Bank and Cash Balances and Short-Term Funds Group Company 2019 2018 2019 2018 RM RM RM RM Cash in hand 7,073 5,935 6,571 5,435 Cash at banks 2,769,396 3,445,180 1,710,601 2,646,315 Deposits with licensed banks 211,019 212,097 211,019 212,097 2,987,488 3,663,212 1,928,191 2,863,847 Short-term funds At fair value through profit or loss - Investments in fixed income trust funds in Malaysia 19,801,575 26,149,369 19,801,575 26,149,369 22,789,063 29,812,581 21,729,766 29,013,216 (a) Investments in fixed income trust funds in Malaysia represents investments in high liquid money market instruments, which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. (b) The annual interest rates for short-term funds and deposits with licensed banks of the Group and of the Company that were effective at the end of the reporting period were 0.6% to 7.95% (2018: 0.14% to 5.00%) per annum. (c) Deposits of the Group and of the Company have an average maturity period of 30 days (2018: 30 days). Bank balances are deposits held at call with banks. 16. Share Capital Group and Company Number of Shares Amount 2019 2018 2019 2018 Units Units RM RM Issued and fully paid ordinary shares At 1 January 414,481,950 413,731,950 20,998,365 20,743,365 Shares issued during the financial year 200,896,425 750,000 68,304,785 255,000 At 31 December 615,378,375 414,481,950 89,303,150 20,998,365 Ordinary shares During the financial year, the Company issued 200,896,425 new ordinary shares for a total cash consideration of RM68,304,785 arising from the exercise of warrants at an exercise price of RM0.34 per ordinary share. In previous financial year, the Company issued 750,000 new ordinary shares for a total cash consideration of RM225,000 arising from the exercise of warrants at an exercise price of RM0.34 per ordinary share. The new ordinary shares issued during the financial year rank pari passu in all respects with the existing ordinary shares of the Company. The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regards to the Company’s residual assets.