NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2022 (cont’d) FINANCIAL STATEMENTS 25. TREASURY SHARES Group and Company Number of ordinary shares Amount 2022 2021 2022 2021 ’000 ’000 RM’000 RM’000 At begininning of the financial year 12,000 53,665 12,364 61,652 Buy back 27,595 49,337 24,278 77,929 Bonus issue - 91,001 - - Cancellation - (182,003) - (127,217) At end of the financial year 39,595 12,000 36,642 12,364 During the financial year, the Company repurchased 27,595,400 (2021: 49,336,800) units of its issued share capital from the open market at an average price of RM0.88 (2021: RM1.58) per share including transaction costs. The purchase transactions were financed by internally generated funds. The shares repurchased are held as treasury shares. 26. RESERVES Group Company 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Fair value reserve 6,401 6,401 - - Foreign exchange translation reserve 33 19 - - Retained earnings 1,002,108 698,112 385,364 379,762 1,008,542 704,532 385,364 379,762 (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. 217
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