My EG Services Berhad Annual Report 2020

ANNUAL REPORT 2020 191 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For The Financial Year Ended 31 December 2020 (CONT’D) 24. TREASURY SHARES The Group/The Company 2020 2019 Number Of Shares Treasury Shares Number Of Shares Treasury Shares ‘’000 RM’000 ‘’000 RM’000 At 1 January 2020/1 October 2018 140,165 144,743 54,000 52,804 Buy back 26,000 30,914 86,165 91,939 Cancellation (112,500) (114,005) - - At 31 December 2020/2019 53,665 61,652 140,165 144,743 During the financial year, the Company purchased 25,999,600 (2019 - 86,165,100) of its issued ordinary shares from the open market at an average price of RM1.19 (2019 - RM1.07) per share. The total consideration paid for the shares purchased was RM30,914,378 (2019 - RM91,938,193) including transaction costs. In addition, the Company cancelled 112,500,000 treasury shares with carrying value of RM114,004,653. 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 year, the Company held as treasury shares a total of 53,664,700 of its 3,671,929,737 issued and fully paid-up ordinary shares. The treasury shares are held at a carrying amount of RM61,652,241. 25. RESERVES The Group The Company 2020 2019 2020 2019 Note RM’000 RM’000 RM’000 RM’000 Fair value reserve (a) 6,401 6,401 - - Foreign exchange translation reserve (b) 20 38 - - Retained profits 570,191 490,606 537,842 450,283 576,612 497,045 537,842 450,283 (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 a foreign subsidiary 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.