Kimlun Corporation Berhad Annual Report 2019

Annual Report 2019 Kimlun Corporation Berhad NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2019 (cont’d) 142 30. Other reserves 2019 2018 2019 2018 RM RM RM RM Foreign currency translation reserve At 1 January (71,283) (70,586) - - Foreign currency translation 244 (697) - - At 31 December (71,039) (71,283) - - Warrant reserve At 1 January 34,193,668 34,253,234 34,193,668 34,253,234 Conversion of warrants - (59,566) - (59,566) At 31 December 34,193,668 34,193,668 34,193,668 34,193,668 34,122,629 34,122,385 34,193,668 34,193,668 (a) Foreign currency translation reserve (b) Warrants reserve A total of 60,112,500 free warrants (''Warrants 2014/2024'') were issued by the Company on 13 March 2014. Each warrant entitles the holder to subscribe for 1 new share at the exercise price of RM1.68 per share at any time during the exercise period. The warrants have an exercise period of 10 years commencing 13 March 2014 and expiring on 12 March 2024. As at 31 December 2019, 58,954,600 (2018: 58,954,600) Warrants 2014/2024 remain unexercised. The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of a foreign operation whose functional currency is different from that of the Group's presentation currency. Group Company