200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 28. Share capital and treasury shares (cont'd) (b) Treasury shares 29. Retained earnings 30. Other reserves 2021 2020 2021 2020 RM RM RM RM Foreign currency translation reserve At 1 January (71,033) (71,039) - - Foreign currency translation (507,694) 6 - - At 31 December (578,727) (71,033) - - Warrant reserve At 1 January/ 31 December 34,193,668 34,193,668 34,193,668 34,193,668 Total other reserves 33,614,941 34,122,635 34,193,668 34,193,668 (a) Foreign currency translation reserve (b) Warrants reserve Treasury shares relate to ordinary shares of the Company that are held by the Company. The amount consists of the acquisition costs of treasury shares. Company The directors of the Company are committed to enhance the value of the Company for its shareholders and believe that the share purchase plan can be applied in the best interests of the Company and its shareholders. The entire retained earnings of the Company as at 31 December 2021 and 2020 may be distributed as dividends under single tier system. Group The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of a foreign operation whose functional currency is different from that of the Group's presentation currency. A total of 60,112,500 free warrants (''Warrants 2014/2024'') were issued by the Company on 13 March 2014. Each warrant entitles the holder to subscribe for 1 new share at the exercise price of RM1.68 per share at any time during the exercise period. The warrants have an exercise period of 10 years commencing 13 March 2014 and expiring on 12 March 2024. As at 31 December 2021, 58,954,600 (2020: 58,954,600) Warrants 2014/2024 remain unexercised. - 87 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 K imlun Corporat ion Berhad Regi s t rat ion No. 200901023978 (867077-X) 147
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