PRG Holdings Berhad Annual Report 2020

23. SHARE CAPITAL AND TREASURY SHARES (continued) (e) Warrants 2014/2019 (“Warrants”) (continued) The salient features of the Warrants are as follows: (continued) (iv) The new shares to be issued arising from the exercise of the Warrants will, upon allotment and issuance, rank pari passu in all respects with then existing shares, save and except that the said new shares will not be entitled to any dividends, rights, allotments and/or other distributions that may be declared, made or paid, prior to the date of allotment of the said new shares. The movements in Warrants in previous financial year are as follows: Number of unexercised Warrants At 1 January 2019 92,819,926 Exercised (52,253,747) Expired on 6 July 2019 (40,566,179) At 31 December 2019 - 24. RESERVES Group Company 2020 2019 2020 2019 Note RM’000 RM’000 RM’000 RM’000 Non-distributable: Exchange translation reserve (a) (2,778) (4,080) - - Fair value reserve (b) (24,297) (21,875) (24,297) (21,875) (27,075) (25,955) (24,297) (21,875) Distributable: Retained earnings 36,601 49,862 42,241 60,552 9,526 23,907 17,944 38,677 (a) Exchange translation reserve The exchange translation reserve is used to record foreign currency exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. It is also used to record the exchange differences arising from monetary items, which form part of the Group’s net investment in foreign operations, where the monetary item is denominated in either the functional currency of the reporting entity or the foreign operation. (b) Fair value reserve The fair value reserve arose from gain or loss of equity instrument measured at fair value through other comprehensive income. Annual Report 2020 151 Notes to the Financial Statements 31 December 2020 cont’d