FGV Audited Financial Statements 2020

39 SHARE CAPITAL (continued) The special share held by the Minister of Finance (Incorporated) has the following characteristics: (a) The Special Share may be held only by or transferred only to the Minister of Finance (Incorporated) or its successor or any Minister, representative or any person authorised by the Government of Malaysia to act on its behalf. (b) The Special Shareholder shall have the right from time to time to appoint any existing Director to be a Government Appointed Director so that there shall not be more than three (3) Government Appointed Director at any one time and such Government Appointed Directors shall hold the position of the Chairman of the Board of Directors, Managing Director/Chief Executive Officer and one (1) Director. (c) The Special Shareholder or any person acting on behalf of the Special Shareholder shall be entitled to receive notice of and to attend and speak at all general meetings or any other meeting of any class or shareholders of the Company, but the Special Share shall carry no right to vote nor any other rights at any such meeting. (d) The Special Shareholder may, subject to the provisions of the Acts, require the Company to redeem the Special Share at par at any time by serving written notice upon the Company and delivering the relevant share certificate. (e) In a distribution of capital in a winding up of the Company, the Special Shareholder shall be entitled to repayment of the capital paid up on the Special Share in priority to any repayment of capital to any other Member. The Special Share shall confer no other right to participate in the capital or profits of the Company. 40 TREASURY SHARES During the financial year, the Company purchased 2,968,100 (2019: 2,317,600) of its issued ordinary shares listed on the Main Market of Bursa Malaysia Securities Berhad from the open market at an average price of approximately RM0.88 per share (2019: RM1.28 per share). The total consideration paid was RM2,620,000 (2019: RM3,186,000) including transaction costs of RM7,000 (2019: RM10,000). 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. In the current financial year, 2,901,400 (2019: 2,653,100) of its treasury shares of RM2,404,000 (2019: RM3,589,000) vested to the employees and employees of the subsidiaries within the Group as part of equity settled share based compensation plan (Note 54). 41 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. 42 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. 159 Notes to the Financial Statements For The Financial Year Ended 31 December 2020 Audited Financial Statements 2020