Wah Seong Corporation Berhad Annual Report 2018

27 TREASURY SHARES (CONTINUED) During the financial year, the Company purchased 2,329,600 ordinary shares of its total number of issued shares from the open market on Bursa Malaysia for RM2,447,883. The average price paid for the shares purchased during the financial year was approximately RM1.05 per share. The purchase transactions were financed by internally generated funds. Pursuant to the provisions of Section 127 of the Companies Act, 2016 (“Act”), the Company may either retain the purchased shares as treasury shares or cancel the purchased shares or a combination of both. The Directors of the Company may treat the purchased shares held as treasury shares as follows pursuant to Section 127(7) of the Act: (i) distribute the treasury shares as dividends to the shareholders, such dividend to be known as “share dividends”; (ii) resell the treasury shares or any of the treasury shares in accordance with the relevant rules of Bursa Securities; (iii) transfer the treasury shares or any of the treasury shares for the purposes of or under an employees’ share scheme; (iv) transfer the treasury shares or any of the treasury shares as purchase consideration; (v) cancel the treasury shares or any of the treasury shares; or (vi) sell, transfer or otherwise use the treasury shares for such other purposes as the Minister (as defined in the Act) may by order prescribe. As treasury shares, the rights attached as to voting, dividends and participation in other distribution, whether cash or otherwise, of the Company’s assets including any distribution of assets upon winding up are suspended and the treasury shares shall not be taken into account in calculating the number or percentage of shares or of a class of shares for any purposes including substantial shareholdings, takeovers, notices, the requisitioning of meetings, the quorum for a meeting and the result of a vote on a resolution at a meeting. 28 LOANS AND BORROWINGS Group Company 2018 2017 2018 2017 RM’000 RM’000 RM’000 RM’000 Current Unsecured: Revolving credits 511,118 515,194 170,011 134,167 Term loans 110,892 111,426 - - Trade financing 87,190 118,217 - - Fixed rate notes 9,015 30,017 - - 718,215 774,854 170,011 134,167 Non-current Unsecured: Term loans 129,410 113,169 - - Revolving credits - 88,500 - - 129,410 201,669 - - 847,625 976,523 170,011 134,167 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 ANNUAL REPORT 2018 153