Annual Report (Complete) - MYCRON Steel Berhad

Notes to the Financial Statements 30 June 2010
(continued)
26. BORROWINGS (continued)
The weighted average interest rates of borrowings as at 30 June 2010 are as follows:
Group
Company
2010
% per annum
2009
% per annum
2010
% per annum
2009
% per annum
Bankers’ acceptances
Revolving credits
Term loan 1
Term loan 2
4.63
3.53
4.81
2.85
3.85
2.96
4.81
3.50
-
-
-
-
-
-
-
-
Fair value
The carrying amounts of the borrowings due within one year and those with floating rates approximated their fair values at the
balance sheet date. The fair values of the borrowings due after one year for the Group that have fixed interest rate are as follows:
2010
2009
Carrying
amount
RM
Fair
Value
RM
Carrying
amount
RM
Fair
value
RM
Term loan 1
20,677,482
19,713,061
35,956,142
36,532,639
27. SHARE CAPITAL
Group/Company
2010
2009
Number
of shares
Nominal
value
RM
Number
of shares
Nominal
value
RM
Authorised
Ordinary shares of RM1 each
At 1 July/30 June
500,000,000
500,000,000
500,000,000
500,000,000
Issued and fully paid
Ordinary shares of RM1 each
At 1 July/30 June
179,000,000
179,000,000
179,000,000
179,000,000
28. SHARE PREMIUM
Group/Company
Relating to: Ordinary shares
29. TREASURY SHARES
2010
RM
14,918,638
2009
RM
14,918,638
The shareholders of the Company, by an ordinary resolution passed at the Annual General Meeting on 9 December 2009,
approved the Company’s plan to purchase its own shares. The Directors of the Company are committed to enhancing the value
of the Company and its shareholders.
During the financial year, the Company repurchased 100,000 (2009: 940,300) ordinary shares of its own shares from the open market
on Bursa Malaysia Securities Berhad for RM52,000 (2009: RM330,685). The average purchase price for the shares repurchased was
RM0.52 (2009: RM0.35) per share. The repurchase transaction was financed by internally generated funds.
The shares repurchased are being held as treasury shares in accordance with Section 67A of the Companies Act, 1965 and
carried at historical cost of repurchase. The Company has the right to reissue these shares at a later date. As treasury shares,
the rights attached as to voting, dividends and participation in other distribution are suspended. None of the treasury shares
repurchased has been sold as at 30 June 2010.
At the balance sheet date, the number of outstanding shares in issue after setting off treasury shares against equity is 177,998,330
(2009: 178,059,700).
pg 77 | Mycron Steel Berhad