EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2020 93 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (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 fair value through other comprehensive income 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 24 June 2020, 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 2020 2019 2020 2019 Units Units RM RM At 1 January 35,000,000 - 19,440,808 - Purchase of own shares 21,000,000 35,000,000 8,119,858 19,440,808 At 31 December 56,000,000 35,000,000 27,560,666 19,440,808 During the financial year, the Company repurchased 21,000,000 (2019: 35,000,000) of its issued share capital from the open market at an average price of RM0.39 (2019: RM0.56) per share including transaction costs. The purchase transactions were financed by internally generated funds. The shares repurchased are held as treasury shares.