193 ANNUAL REPORT 2023 MST GOLF GROUP BERHAD Registration No: 199301009307 (264044-M) 55 14. SHARE CAPITAL (CONT’D) (c) During the previous financial year, the Company increased its issued and paid-up ordinary share capital from RM100,000 comprising 100,000 ordinary shares to RM39,836,000 comprising 660,868,600 ordinary share through the following:- (i) An issuance of 32,000,000 new ordinary shares by way of conversion of amount owing to holding company for a total consideration of RM32,000,000. (ii) A subdivision of 1 existing ordinary share into 20 ordinary shares. As a result, the issued ordinary shares of the Company was increased from 32,100,000 shares to 642,000,000 shares. (iii) An issuance of 18,868,600 new ordinary shares by way of exchanging shareholding of minority shareholders in subsidiaries for a total consideration of RM7,736,000. 15. FOREIGN EXCHANGE RESERVE The foreign exchange reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different that of the Group’s presentation currency. 16. BORROWINGS Group 2023 2022 RM’000 RM’000 Secured:- Non-current liabilities Term loans 17,518 15,478 Current liabilities Bankers’ acceptance 16,935 21,853 Bank overdraft 11,027 9,645 Term loans 2,796 2,915 Invoice financing 803 2,240 Trust receipts 6,113 5,786 Revolving loan 3,479 3,274 41,153 45,713 58,671 61,191
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