28. SHARE CAPITAL AND TREASURY SHARES Number of ordinary Amount shares Share capital (Issued) Share capital Treasury shares 2024 2023 2024 2023 2024 2023 ’000 ’000 RM’000 RM’000 RM’000 RM’000 Group and Company At 1 January 2,297,938 1,998,860 3,051,570 2,677,890 (28,440) (28,440) Issuance of ordinary shares - pursuant to capitalisation of advances – 137,678 – 180,000 – – - pursuant to conversion of ICPS (Note 30) 216,300 161,400 257,760 193,680 – – Purchase of treasury shares – – – – (18,817) – At 31 December 2,514,238 2,297,938 3,309,330 3,051,570 (47,257) (28,440) (a) Share capital During the financial year, the Company increased its issued ordinary share capital from RM3,051,570,000 to RM3,309,330,000 by way of: (i) issuance of 207,300,000 new ordinary shares pursuant to the conversion of 207,300,000 ICPS by the conversion ratio of 1 ICPS to 1 new ordinary share. (ii) issuance of 9,000,000 new ordinary shares pursuant to the conversion of 7,500,000 ICPS by the conversion ratio of 5 ICPS to 6 new ordinary shares. The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares of the Company. (b) Treasury shares During the financial year, the Company repurchased 15,685,800 of its issued ordinary shares from the open market at an average price of RM1.1996 per share. The shares repurchased are being held as treasury shares in accordance with Section 127 of the Companies Act 2016. As at 31 December 2024, the number of treasury shares held are 47,285,843 ordinary shares. Such treasury shares are held at carrying amount of RM47,257,000 (2023: RM28,440,000). 29. OTHER RESERVES (a) Foreign currency translation reserve The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of presentation currency of the Group. (b) Retained earnings The entire retained earnings of the Company are available for distribution as single-tier dividends. FINANCIAL STATEMENTS & OTHER INFORMATION 311
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