Date Published : 2018-11-27
The acquisition of a factory property contracted by a subsidiary on 20 November 2017 at RM 26 million was measured at cost upon initial recognition in August 2018. An independent valuation report as at 30 June 2018 commissioned by the vendor ultimate holding company, Melewar Industrial Group Berhad, on the said property attached a fair value of RM 27 million. Adopting the said valuation, the subsidiary revalued the carrying value of the said property to be in-line with the latter on 30 September 2018.
Pursuant to Paragraph 9.19(46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of MSB (“the Board”) wishes to announce that MSB had recorded the revaluation surplus on the factory property. The Board had at its meeting held on 26 November 2018 approved the incorporation of the revaluation surplus arising from the revaluation in the first quarter unaudited financial results of MSB for the financial period ended 30 September 2018.
2. REVALUATION SURPLUS
The details of the revaluation surplus are set out below:
3. EFFECT ON NET ASSETS PER SHARE
Based on the first quarter unaudited financial results of MSB for the financial period ended 30 September 2018, the net assets value per share of MSB will be increased by RM0.00268 to RM1.39 upon incorporation of the revaluation surplus of RM760,000 (net deferred tax).
4. DOCUMENTS AVAILABLE FOR INSPECTION
The valuation report of the property, plant and equipment is available for inspection at the Registered Office of MSB at Suite 11.05, 11th Floor, No.566, Jalan Ipoh, 51200 Kuala Lumpur during normal business hours from Monday to Friday (except for Public Holidays) for a period of three (3) months from the date of this announcement.