Basic HTML Version
GB Auto and its Subsidiaries (S.A.E)
Notes to the Consolidated Financial Statements
For the year ended 31 December 2012
(In the notes all amounts are shown in thousand Egyptian pounds unless otherwise stated)
78
GB Auto
•
2012 ANNUAL REPORT
26. Treasury shares
During the prior and current years the Group has the following transactions:
Transaction date Transactions
type No. of shares
Par value Transaction
price
29 March 2011
Purchasing 107,100 share
EGP 1
3,097
19 April 2011
Purchasing 35,000 share
EGP 1
982
20 April 2011
Purchasing 181,840 share
EGP 1
5,383
31 December 2012
Write off (107,100) share
EGP 1
(3,097)
April 2012
Sale (216,840) share
EGP 1
(6,365)
Total
- share
-
A number of 107,100 shares was written off by the Company and these shares were purchased at 29 March 2011 with purchasing cost
amounted to EGP 3,097 thousands including a par value for the shares amounted to EGP 107 thousands.
The company sold during the year 216,840 shares at LE 4,251 thousand pounds which originally purchased at LE 6,365 thousand pounds
and the special reserve has been reduced by LE 2,114 thousand pounds which represent loss resulting from the difference between selling
price and purchase cost.
27. Legal reserve
2012
2011
Balance at 1 January
214,158
191,704
Transfer to legal reserve
11,311
22,454
Balance at 31 December
225,469
214,158
In accordance with the Companies Law No 159 of 1981 and the Company’s articles of association, 5% of annual net profit is transferred
to the legal reserve. Upon the recommendation of the management, the Company may stop such transfer when the legal reserve reaches
50% of the issued capital. The legal reserve is not eligible for distribution to shareholders.
The legal reserve included amount of EGP 66,667 related to the Company, the rest of legal reserve balance is related to the rest of Group’s
Companies.
Share premium
The share premium was transferred to the legal reserve and special reserve according to Law No. 159 of 1981 and General Assembly
Meeting dated 29 March 2008:
2012
2011
Share premium
1,175,691
1,175,691
Less
Issuance cost
(35,878)
(35,878)
Share premium for treasury shares held by the group
(99,725)
(99,725)
Share premium balance
1,040,088
1,040,088
Transfer to legal reserve
(64,400)
(64,400)
975,688
975,688