Yinson Annual Report 2018

26. CASH AND BANK BALANCES (CONTINUED) Cash at bank earns interest at floating rates based on daily bank deposit rates. Deposits with licensed banks are made for varying periods of between one to three months, depending on the immediate cash requirements of the Group, and earn interest at the respective deposit rates. Deposit with a licensed bank, denominated in USD, of approximately RM39,204,000 (2017: RM44,535,000), has been pledged to the bank for a performance guarantee issued in favour of a subsidiary’s customer for a period of six years. The deposit is made for period of one month (2017: one month) and earns interest at 1.41% (2017: 0.32%) per annum. Bank balances and deposits with licensed banks of approximately RM241,321,000 (2017: RM75,843,000) have been pledged to the banks for the banking facilities of the Company and the subsidiaries, as disclosed in Note 32. Bank balance in Escrow account of approximately RM64,952,000 represents payment received as part of the consideration for the disposal of 26% equity interest of a subsidiary. Upon completion of the disposal, the fund in escrow account will be released. 27. SHARE CAPITAL Group and Company Number of shares Amount 2018 2017 2018 2017 ’000 ’000 RM’000 RM’000 Ordinary shares issued and fully paid: At 1 February 1,092,798 1,092,798 1,099,462 546,399 Issued during the financial year - Exercise of ESS 10 – 28 – Transition to no-par value regime on 31 January 2017 under the Companies Act 2016 – – – 553,063 At 31 January 1,092,808 1,092,798 1,099,490 1,099,462 In the previous financial year, the new Companies Act 2016 (the “Act”) abolished the concept of authorised share capital and par value of share capital. Consequently, the amounts standing to the credit of the share premium account of RM553,063,000 become part of the Company’s share capital pursuant to the transitional provisions set out in Section 618(2) of the Act. Notwithstanding this provision, the Company may within 24 months from the commencement of the Act, use the amount standing to the credit of its share premium account of RM553,063,000 for purposes as set out in Sections 618(3). There is no impact on the numbers of ordinary shares in issue or the relative entitlement of any of the members as a result of this transition. 28. TREASURY SHARES Group and Company 2018 2017 Number of Number of shares Amount shares Amount ’000 RM’000 ’000 RM’000 At 1 February 4,607 12,633 – – Treasury shares purchased – – 4,607 12,633 At 31 January 4,607 12,633 4,607 12,633 At the Annual General Meeting held on 6 July 2017, the shareholders of the Company had approved for the Company to repurchase its own shares up to a maximum of ten percent (10%) of its prevailing issued and paid-up share capital of the Company. The Directors of the Company are committed to enhancing the value of the Company and believed that the repurchase plan was being applied in the best interest of the Company and its shareholders. Corporate Overview Stewardship Governance Accountability 161 Yinson Holdings Berhad Annual Report 2018