94 EXCEL FORCE MSC BERHAD Notes to the Financial Statements (Cont’d) 18. Reserves (Cont’d) (a) Fair value reserve Fair value reserve represents the cumulative net change in the fair value of investment in securities measured at fair value through other comprehensive income until they are derecognised or impaired. (b) Other reserve Other reserve represents the difference between the Group’s share of net assets before and after the acquisition of equity interest from its non-controlling interests. (c) Retained earnings The entire retained earnings of the Company are available for distribution as single-tier dividends. 19. Treasury Shares Group and Company 30.6.2023 31.12.2021 1.1.2021 Units Units Units At 1 January - 56,000,000 35,000,000 Purchase of own shares - - 21,000,000 Cancellation of shares - (56,000,000) - At 31 December - - 56,000,000 Group and Company 30.6.2023 31.12.2021 1.1.2021 RM RM RM At 1 January - 27,560,666 19,440,808 Purchase of own shares - - 8,119,858 Cancellation of shares - (27,560,666) - At 31 December - - 27,560,666 In previous financial year The Company has the right to resell these shares at a later date. As treasury shares, the rights attached as to voting, dividends and participation in other distribution are suspended. The shareholders of the Company, by a resolution passed in the last Annual General Meeting held on 10 June 2021, renewed their approval for the Company’s plan to repurchase its own shares. The Directors of the Company are committed to enhancing the value of the Company to its shareholders and believe that the repurchase plan can be applied in the best interest of the Company and its shareholders. The Company cancelled 56,000,000 units of treasury shares with carrying amount of RM27,560,666 or at an average price of RM0.49 per ordinary share.
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