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