Yinson Annual Report 2020

280 Notes to the financial statements (cont’d) For the financial year ended 31 January 2020 Yinson Holdings Berhad SECTION 7 ACCOUNTABILITY 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 held by a subsidiary of the Group, denominated in USD, of approximately RM40,953,000 as at 31 January 2019 was pledged to the bank for a performance guarantee issued in favour of a subsidiary’s customer for a period of six years. The deposit was made for a period of one month and earned interest at 2.40% per annum. The pledge was released during the financial year upon termination of a chartering contract. Bank balances and deposits with licensed banks of the Group and the Company amounting to RM389,832,000 and RM2,134,000 respectively (2019: RM452,456,000 and RM2,103,000 respectively) were pledged to the banks for the banking facilities of the Company and the subsidiaries, as disclosed in Note 32. 27. Share capital Group and Company Number of shares Amount 2020 2019 2020 2019 ‘000 ‘000 RM’000 RM’000 Ordinary shares issued and fully paid: At 1 February 1,093,245 1,092,808 1,101,090 1,099,490 Issued during the financial year - Exercise of ESS (Note 29) 1,500 437 5,549 1,600 At 31 January 1,094,745 1,093,245 1,106,639 1,101,090 28. Treasury shares Group and Company 2020 2019 Number of shares Amount Number of shares Amount ‘000 RM’000 ‘000 RM’000 At 1 February 11,926 43,829 4,607 12,633 Treasury shares purchased 13,060 81,514 7,319 31,196 At 31 January 24,986 125,343 11,926 43,829 At the Annual General Meeting held on 11 July 2019, 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.