MISC Annual Report 2019

25. TRADE AND OTHER PAYABLES (CONT’D.) (a) Trade payables Trade payables are non-interest bearing and the normal trade credit terms granted to the Group ranges from 14 to 90 days (2018: 14 to 90 days). (b) Other payables and amounts due to related parties The non-trade balances due to holding company, subsidiaries, fellow subsidiaries, associates and joint ventures arose in the normal course of business. (c) Provisions Group Corporation 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 At 1 January 72,717 82,509 64,950 74,057 Utilised (28,665) (11,123) (21,541) (10,425) Currency translation differences (486) 1,331 (481) 1,318 At 31 December 43,566 72,717 42,928 64,950 26. SHARE CAPITAL AND TREASURY SHARES Group and Corporation Number of shares Amount Share Treasury Share Treasury Capital Shares Capital Shares ’000 ’000 RM’000 RM’000 (ii) At 1 January/31 December 2019 4,463,794 (47) 8,923,262 (271) At 1 January 2018 4,463,794 – 8,923,262 – Purchase of treasury shares (i) – (47) – (271) At 31 December 2018 4,463,794 (47) 8,923,262 (271) (i) In the previous financial year, the Corporation had repurchased a total of 47,400 ordinary shares from the open market at an average price of RM5.69 per share for a total consideration of RM270,846 including transaction costs which were financed from internally generated funds. The repurchased shares are held as treasury shares in accordance with the requirement of Section 127 of the Companies Act 2016. As at 31 December 2019, the total number of treasury shares held is 0.001% of the total paid up share capital of the Corporation. (ii) The Group has one authorised and issued special preference share of RM1. The special preference share, which may only be held by the Ministry of Finance (“MoF”) or its successors or any Minister, representative, or any person acting on behalf of the Government of Malaysia, carries rights as provided in the Corporation’s Constitution. Certain matters, in particular the alterations of specified Rules in the Constitution, require the prior approval of the holder of the special preference share. The holder of the special preference share is not entitled to any dividend nor to participate in the capital distribution upon dissolution of the Corporation but shall rank for repayment in priority to all other shares. The share does not carry any right to vote at General Meetings but the holder is entitled to attend and speak at such meetings. 27. OTHER RESERVES Other Currency Revaluation Capital Capital Statutory Hedging Translation Reserve Reserve Reserve Reserve Reserve Reserve Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 27(a) 27(b) 27(c) 27(d) 27(e) 27(f) Group At 1 January 2019 1,357 435,199 99,299 3,161 2,956 6,042,032 6,584,004 Currency translation differences: Group – – – – – (353,608) (353,608) Associates – – – – – (1) (1) Joint ventures – – – – – (7,259) (7,259) Fair value loss on cash flow hedges: Group – – – – (162,885) – (162,885) At 31 December 2019 1,357 435,199 99,299 3,161 (159,929) 5,681,164 6,060,251 At 1 January 2018 1,357 435,199 99,299 3,161 8,341 5,359,152 5,906,509 Currency translation differences: Group – – – – – 668,942 668,942 Associates – – – – – (48) (48) Joint ventures – – – – – 13,986 13,986 Fair value (loss)/gain on cash flow hedges: Group – – – – (5,400) – (5,400) Joint ventures – – – – 15 – 15 At 31 December 2018 1,357 435,199 99,299 3,161 2,956 6,042,032 6,584,004 NOTES TO THE FINANCIAL STATEMENTS 31 December 2019 NOTES TO THE FINANCIAL STATEMENTS 31 December 2019 FINANCIAL STATEMENTS MISC BERHAD PEOPLE. PASSION. POSSIBILITIES ANNUAL REPORT 2019 328 329