notestothefinancialstatements cont’d29 SHARE CAPITAL cont’d29.2 Issue of Warrants 1995/2003 cont’dThe movement of Warrants 1995/2003 during the financial year is as follows:No of Warrants 1995/2003As atAs atSubscription Price 01.07.2002 Exercised Expired 30.06.2003RM3.35/RM3.25 (with effect from16.10.2002) 181,527,431 177,928,072 3,599,359 -30 RESERVESIn RM’000<strong>Group</strong>Company2003 2002 2003 2002Non distributableShare premium 764,711 425,006 764,711 425,006Revaluation surplus 82,474 64,539 - -Capital reserve (Note 30.1) 9,330 9,429 - -Foreign exchange fluctuation reserve (38,295) 3,918 - -Reserve on consolidation 7,372 8,150 - -Treasury shares, at cost (Note 30.2) (150,659) (36,275) (150,659) (36,275)674,933 474,767 614,052 388,731DistributableRetained profitsAs previously reported 2,314,859 1,973,138 865,911 853,337Prior year adjustments (Note 45) - (3,974) - -As restated 2,314,859 1,969,164 865,911 853,3372,989,792 2,443,931 1,479,963 1,242,068The movements in reserves are shown in the statements of changes in equity.30.1 Capital reserve<strong>IOI</strong> Corporation BerhadAnnual Report 2003178Capital reserve represents net accretion in <strong>Group</strong>’s share of net assets arising from shares issued by certainsubsidiaries to minority shareholders.
30 RESERVES cont’d30.2 Treasury sharesThe shareholders of the Company, by a special resolution passed in an extraordinary general meeting held on18 November 1999, approved the Company’s plan to repurchase up to 10% of the issued and paid-up sharecapital of the Company which comprises ordinary shares with par value of RM0.50 each (“Share Buy Back”).The authority granted by the shareholders was subsequently renewed during the last Annual GeneralMeeting of the Company on 18 October 2002.The Directors of the Company are committed to enhancing the value of the Company to its shareholders andbelieve that the Share Buy Back can be applied in the best interests of the Company and its shareholders.During the financial year, the Company bought back its issued shares from the open market as follows:In RMPurchase Price Per ShareNo. of Shares Cost Highest Lowest Average2003At beginning of financial year 13,761,000 36,274,417 3.58 2.04 2.64Purchases during the financial yearSeptember 2002 396,000 2,158,338 5.57 5.41 5.45October 2002 3,032,000 16,119,408 5.72 4.99 5.32March 2003 8,270,000 40,109,899 5.11 4.57 4.85April 2003 5,414,000 27,201,585 5.21 4.82 5.02May 2003 5,751,000 28,794,919 5.11 4.97 5.0122,863,000 114,384,149 5.72 4.57 5.00At end of financial year 36,624,000 150,658,566 5.72 2.04 4.112002At beginning of financial year 10,827,000 26,203,605 2.71 2.04 2.42Purchases during the financial yearOctober 2001 1,140,000 3,676,764 3.29 3.11 3.23November 2001 711,000 2,531,890 3.53 3.59 3.56December 2001 1,083,000 3,862,158 3.58 3.54 3.572,934,000 10,070,812 3.58 3.11 3.43At end of financial year 13,761,000 36,274,417 3.58 2.04 2.64The Share Buy Back transactions were financed by internally generated funds. The shares bought back arebeing held as treasury shares in accordance with the provision of Section 67A of the Companies Act, 1965.179<strong>IOI</strong> Corporation BerhadAnnual Report 2003