Eng - IOI Group

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, 1965.179IOI Corporation BerhadAnnual Report 2003