28. SHARE CAPITAL AND TREASURY SHARES Number of ordinary Amount shares Share capital (Issued) Share capital Treasury shares 2022 2021 2022 2021 2022 2021 ’000 ’000 RM’000 RM’000 RM’000 RM’000 Group and Company At 1 January 1,472,425 1,470,425 2,046,168 2,044,322 (26,103) (6,882) Issuance of ordinary shares - pursuant to private placement – 2,000 – 1,846 – – - pursuant to conversion of ICPS (Note 30) 526,435 – 631,722 – – – Purchase of treasury shares – – – – (2,337) (19,221) At 31 December 1,998,860 1,472,425 2,677,890 2,046,168 (28,440) (26,103) (a) Share capital During the financial year, the Company increased its issued ordinary share capital from RM2,046,168,000 to RM2,677,890,000 through the issuance of 526,435,000 new ordinary shares at an issue price of RM1.20 each pursuant to the conversion of 526,435,000 ICPS by the conversion ratio of 1 unit ICPS to 1 new ordinary share. The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares of the Company. (b) Treasury shares During the financial year, the Company repurchased 2,255,300 of its issued ordinary shares from the open market at an average price of RM1.0363 per share. The shares repurchased are being held as treasury shares in accordance with Section 127 of the Companies Act 2016. As at 31 December 2022, the number of treasury shares held are 31,600,043 ordinary shares. Such treasury shares are held at carrying amount of RM28,440,000 (2021: RM26,103,000). 29. OTHER RESERVES (a) Foreign currency translation reserve The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of presentation currency of the Group. (b) Retained earnings The entire retained earnings of the Company are available for distribution as single-tier dividends. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 246 ANNUAL REPORT 2022
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