241 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 27. SHARE CAPITAL (CONT’D.) The shareholders of the Bank, via an ordinary resolution passed at the Annual General Meeting held on 11 June 2020, had approved its plan to purchase its own shares up to 10% of existing total issued and paid-up share capital. During the financial year, the Bank bought back 15,681,600 (2021: 11,933,200) ordinary shares at an average price of RM1.0265 (2021: RM1.2505) from the open market. The share buy-back transactions were financed by internally generated funds. As at 31 December 2022, the total number of shares held as treasury shares in accordance with the provisions of Section 127 of the Companies Act 2016 was 13,484,300. Accordingly the adjusted issued and paid-up share capital of the Company (excluding 13,484,300 treasury shares) as at 31 December 2022 was RM240,296,155 (2021: RM240,769,575) comprising 722,278,299 (2021: 725,286,399) shares. 28. RESERVES Group Bank Note 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Non-distributable: Capital reserve 88,938 88,938 153,863 153,863 Fair value reserve (a) (10,922) 6,590 (6,422) 634 Exchange reserve (b) 24,075 19,204 - - Regulatory reserve (c) 17,192 18,921 17,192 18,921 ESS reserve 1,794 2,809 1,794 2,809 121,077 136,462 166,427 176,227 Distributable: Retained profits 655,907 673,097 597,058 624,353 776,984 809,559 763,485 800,580 The nature and purpose of each category of reserves are as follows: (a) Fair value reserve is in respect of unrealised fair value gains and losses on financial investments at FVOCI, net of tax (b) The exchange reserve represents foreign exchange differences arising from the translation of the financial statements of the associated companies. (c) Regulatory reserve is maintained in addition to the impairment allowance for non-impaired credit exposures that has been assessed and recognised in accordance with MFRS in compliance with BNM requirements.
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