EXCEL FORCE MSC BERHAD 89 Notes to the Financial Statements (cont’d) 16. 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. 17. TREASURY SHARES Group and Company Number of Treasury Shares Amount 2021 2020 2021 2020 Units Units RM RM At 1 January 56,000,000 35,000,000 27,560,666 19,440,808 Purchase of own shares - 21,000,000 - 8,119,858 Cancellation of shares (56,000,000) - (27,560,666) - At 31 December - 56,000,000 - 27,560,666 The Company has the right to resell these shares at a later date. As treasury shares, the rights attached as to voting, dividends and participation in other distribution are suspended. The shareholders of the Company, by a resolution passed in the last Annual General Meeting held on 10 June 2021, renewed their approval for the Company’s plan to repurchase its own shares. TheDirectors 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. During the financial year, the Company cancelled 56,000,000 units of treasury shares with carrying amount of RM27,560,666 or at an average price of RM0.49 per ordinary share. 18. LEASE LIABILITIES Group and Company 2021 2020 RM RM At 1 January 1,005,317 353,091 Addition - 1,032,562 Accretion of interest 29,875 9,182 Payments (363,075) (389,518) At 31 December 672,117 1,005,317 Presented as: Non-current 327,067 672,117 Current 345,050 333,200 672,117 1,005,317
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