NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 241 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION 28. TREASURY SHARES (CONT’D.) The shareholders of the Bank, via an ordinary resolution passed at the Annual General Meeting held on 25 May 2023, had approved its plan to purchase its own shares up to 10% of existing total issued and paid-up share capital. In the previous financial year, the Bank bought back 15,681,600 ordinary shares at an average price of RM1.0265 from the open market. The share buy-back transactions were financed by internally generated funds. As at 31 December 2023, the total number of shares held as treasury shares in accordance with the provisions of Section 127 of the Companies Act 2016 was 11,692,800. Accordingly the adjusted issued and paid-up share capital of the Bank (excluding 11,692,800 treasury shares) as at 31 December 2023 was RM242,094,762 (2022: RM240,296,155) comprising 724,069,799 (2022: 722,278,299) shares. 29. RESERVES Note Group Bank 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Non-distributable: Capital reserve 88,938 88,938 153,863 153,863 Fair value reserve (a) 6,849 (10,922) 2,856 (6,422) Exchange reserve (b) 28,836 24,075 - - Regulatory reserve (c) 16,064 17,192 16,064 17,192 ESS reserve 1,317 1,794 1,317 1,794 142,004 121,077 174,100 166,427 Distributable: Retained profits 686,876 655,907 609,024 597,058 828,880 776,984 783,124 763,485 The nature and purpose of each category of reserves are as follows: (a) Fair value reserve is in respect of unrealised fair value gains and losses on financial investments at FVOCI, net of tax. (b) The exchange reserve represents foreign exchange differences arising from the translation of the financial statements of the associated companies. (c) Regulatory reserve is maintained in addition to the impairment allowance for non-impaired credit exposures that has been assessed and recognised in accordance with MFRS in compliance with BNM requirements.
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