My EG Services Berhad Annual Report 2019

MY E.G. SERVICES BERHAD [Registration No. 200001003034 (505639-K)] 160 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2019 (CONT’D) 26. TREASURY SHARES The Group/The Company 2019 2018 Number Of Shares Treasury Shares Number Of Shares Treasury Shares ’000 RM’000 ’000 RM’000 At 1 October 2018/1 July 2017 54,000 52,804 - - Buy back 86,165 91,939 54,000 52,804 At 31 December 2019/30 September 2018 140,165 144,743 54,000 52,804 During the financial period, the Company purchased 86,165,100 (2018 - 54,000,000) of its issued ordinary shares from the open market at an average price of RM1.07 (2018 - RM0.98) per share. The total consideration paid for the shares purchased was RM91,938,193 (2018 - RM52,804,323) including transaction costs. The ordinary shares purchased were held as treasury shares in accordance with Section 127(6) of the Companies Act 2016. As at the end of the reporting period, the Company held as treasury shares a total of 140,165,100 of its 3,606,305,993 issued and fully paid-up ordinary shares. The treasury shares are held at a carrying amount of RM144,742,516. 27. RESERVES The Group The Company Note 31.12.2019 30.9.2018 31.12.2019 30.9.2018 RM’000 RM’000 RM’000 RM’000 Fair value reserve (a) 6,401 6,401 - - Foreign exchange translation reserve (b) 38 - - - Retained profits 490,606 253,718 450,283 250,600 497,045 260,119 450,283 250,600 (a) Fair Value Reserve The fair value reserve represents the cumulative fair value changes (net of tax, where applicable) of investments designated at fair value through other comprehensive income. (b) Foreign Exchange Translation Reserve The foreign exchange translation reserve arose from the translation of the financial statements of foreign subsidiaries and the Group’s share of an associate’s and joint ventures’ foreign currency translation differences whose functional currencies are different from the Group’s presentation currency.