MITRA-AnnualReport2011 (1.2MB).pdf - Announcements - Bursa ...

Notes to The Financial Statements (cont’d)
16. SHARE CApITAl (CoNT’D)
(b) Treasury Shares
17. RESERvES
The shareholders of the Company by an ordinary resolution passed in the fifteenth Annual General Meeting held
on 17th June 2008, approved the mandate for the Company’s plan to repurchase its own ordinary shares. On 7th
June 2011, the shareholders of the Company at the eighteenth Annual General Meeting granted their mandate for
the Company’s renewal of authority to repurchase its own ordinary shares.
During the financial year, the Company repurchased 54,500 shares from the open market at an average price of
RM1.79 per share. The total consideration paid for the repurchase, was RM97,609/- (2010: RM1,342,866/-) and
they were financed by internally generated funds. The shares repurchased are being held as treasury shares in
accordance with Section 67A of the Companies Act, 1965 in Malaysia.
The total issued and fully paid ordinary shares as at 31st December 2011 is 397,531,801 (2010: 127,989,267), out
of which 2,968,046 (2010: 7,796,000) are held as treasury shares by the Company. As at 31st December 2011, the
number of outstanding ordinary shares in issue and fully paid is therefore 394,563,755 (2010: 120,193,267) ordinary
shares of RM0.50 (2010: RM1/-) each.
Group Company
2011 2010 2011 2010
RM RM RM RM
Non-distributable:
Share premium - 18,457,497 - 18,457,497
Other reserves (Note 18) 1,392,921 6,711,337 - -
1,392,921 25,168,834 - 18,457,497
Distributable:
Retained profits 129,869,315 147,256,372 23,456,651 51,984,558
131,262,236 172,425,206 23,456,651 70,442,055
(a) Retained profits
Under the single tier system which came into effect from the year of assessment 2008, companies are not required
to have tax credits under Section 108 of the Income Tax, 1967 for dividend payment purposes. Under this system,
all the Company’s retained profits are distributable by way of dividend and tax on the Company’s profit is the final
tax and dividend distributed to shareholders will be exempted from tax.
Since the Company has elected for the irrevocable option to disregard the Section 108 balance as at 31st December
2007, the Company is able to distribute dividends out of its entire retained profits under the single tier system.
MITRAJAYA HOLDINGS BERHAD ANNUAL REPORT 2011
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