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NANYANG PRESS HOLDINGS BERHAD

17. RESERVES (CONTD.)

The revaluation reserve of the Group represents the net surplus arising from revaluation of land and buildings.

The revaluation reserve of the Company represents net surplus arising from the revaluation of investments in certain subsidiary companies and land and buildings.

The merger reserve captures the excess of the appropriate shares in nominal value of the share capital of a subsidiary over the acquisition cost.

Subject to the agreement of the Inland Revenue Board, the Company has sufficient balance in its tax exempt income account and tax credits under Section 108 of the Income Tax Act, 1967 to frank the payment of dividends out of its distributable reserve up to RM8,344,000 after taking into account the

carrying amount of the treasury shares held by the Company without having to incur additional tax liability.

18. TREASURY SHARES

The shareholders of the Company, by an ordinary resolution passed on 27 October 1999, approved the Company’s plan to repurchase its own shares. The Directors of the Company are committed to enhance the value of the Company to its shareholders and believe that the buy back plan can be applied in the best interest of the Company and its shareholders.

2005

2004

2005

2004

‘000

‘000

RM’000

RM’000

4,199

3,359

20,974

20,974

-

840

-

-

The shares repurchased were financed by internal funds. The shares repurchased are being held as treasury shares in accordance with the provisions of Section 67A of the Companies Act, 1965.

Amount

At 1 July Bonus issue

At 30 June

4,199

4,199

20,974

20,974

Number of shares

GROUP/COMPANY

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