EXCEL FORCE MSC BERHAD Annual Report 2019

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2019 90 notes to the financial statements 31 december 2019 (cont’d) 17. Reserves (Cont’d) (a) Fair value reserve Fair value reserve represents the cumulative net change in the fair value of investment in securities measured at FVTOCI until they are derecognised or impaired. (b) Other reserve Other reserve represents the difference between the Group’s share of net assets before and after the acquisition of equity interest from its non-controlling interests. (c) Retained earnings The entire retained earnings of the Company are available for distribution as single-tier dividends. 18. Treasury Shares The shareholders of the Company, by a resolution passed in the last Annual General Meeting held on 29 May 2019, renewed their approval for the Company’s plan to repurchase its own shares. The Directors of the Company are committed to enhancing the value of the Company to its shareholders and believe that the repurchase plan can be applied in the best interest of the Company and its shareholders. Group and Company Number of Treasury Shares Amount 2019 2018 2019 2018 Units Units RM RM At 1 January - - - - Purchase of own shares 35,000,000 - 19,440,808 - At 31 December 35,000,000 - 19,440,808 - During the financial year, the Company repurchased 35,000,000 (2018: Nil) of its issued share capital from the open market at an average price of RM0.56 (2018: RM Nil) per share including transaction costs. The purchase transactions were financed by internally generated funds. The shares repurchased are held as treasury shares. 19. Deferred Taxation Group and Company 2019 2018 RM RM At 1 January - 37,042 Over provision in prior years - (37,042) At 31 December - -

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