FGV Annual Report 2016

FELDA GLOBAL VENTURES HOLDINGS BERHAD 302 FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 38 SHARE PREMIUM Share premium is recognised in conjunction with the listing of the Company's shares on Main Market of Bursa Malaysia Securities Berhad. Share premium is not available for distribution as cash dividends. 39 TREASURY SHARES During the financial year, the Company purchased 859,800 of its issued ordinary shares of RM1.00 each listed on the Main Market of Bursa Malaysia Securities Berhad from the open market at an average price of approximately RM1.74 per share. The total consideration paid was RM1,059,000 including transaction costs of RM1,690. The purchase transactions were financed by internally generated funds. The shares purchased are retained as treasury shares. None of the treasury shares held were resold or cancelled during the financial year. The treasury shares have no rights to voting, dividends or participation in other distribution. 40 FOREIGN EXCHANGE RESERVE The foreign exchange reserve is used to record exchange difference arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group's presentation currency. It also represents the share of foreign exchange differences in the cumulative net investment of foreign associates and joint ventures. 41 REORGANISATION RESERVE The reorganisation reserve represents the difference between the fair value of the purchase consideration and carrying value of the net assets acquired arising from the acquisition of plantation estates. 42 OTHER RESERVES Group Company 2016 RM'000 2015 RM'000 2016 RM'000 2015 RM'000 Available-for-sale reserves 4,267 8,885 - - Capital redemption reserves 10,052 10,052 10,052 10,052 14,319 18,937 10,052 10,052 Available-for-sale reserves include the Group's share of available-for-sale reserves of joint ventures and associates. Capital redemption reserves relates to reserve created upon redemption of RCPS/RCCPS as required by Companies Act, 1965.