BURSA ANNOUNCEMENTS

OTHERS
MYCRON STEEL BERHAD ("MSB" OR "THE GROUP") - REVALUATION OF PROPERTY, PLANT AND EQUIPMENT

Date Published : 2022-08-30

MYCRON STEEL BERHAD

Type	Announcement
Subject	OTHERS
Description	MYCRON STEEL BERHAD ("MSB" OR "THE GROUP") - REVALUATION OF PROPERTY, PLANT AND EQUIPMENT

1. INTRODUCTION
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 undertaken a revaluation exercise on the land, buildings, plant, machinery and electrical installation held by the Group. The Board had at its meeting held on 29 August 2022 approved the valuation reports and the incorporation of the revaluation surplus arising from the revaluation in the fourth quarter unaudited financial results of MSB for the financial year ended 30 June 2022.

2. PURPOSE
The revaluation was carried out in accordance with the Group’s accounting policy to determine the fair value of the Group’s property, plant and equipment comprising the land, building, plant, machinery and electrical installation periodically, with sufficient regularity.

3. REVALUATION SURPLUS
The details of the revaluation surplus are set outbelow:

Location of the Property, Plant and Equipment	Type of Property, Plant and Equipment	Valuer/Valuation date	Market Value (RM)	Revaluation Surplus/(Deficit) (RM)
Lot 53, Persiaran Selangor 40200 Shah Alam, Selangor	Industrial land and factory cum office building (Leasehold)	C H Williams Talhar & Wong Sdn. Bhd. 30 June 2022	30,000,000	806,153
	Plant, machinery	C H Williams Talhar & Wong Sdn. Bhd. 30 June 2022	6,400,000	121,688

Location of the Property, Plant and Equipment	Type of Property, Plant and Equipment	Valuer/Valuation date	Market Value (RM)	Revaluation Surplus/(Deficit) (RM)
No.49, Jalan Utas 15/7, 40200 Shah Alam Selangor	Plant, machinery	C H Williams Talhar & Wong Sdn. Bhd. 30 June 2022	8,720,000	(706,270)
Lot 10, Persiaran Selangor, 40200 Shah Alam Selangor	Plant, machinery	C H Williams Talhar & Wong Sdn. Bhd. 30 June 2022	14,290,000	244,831
Lot 717, Jalan Sungai Rasau, Seksyen 16, 40200 Shah Alam, Selangor	Industrial land and factory cum office building (Freehold)	C H Williams Talhar & Wong Sdn. Bhd. 30 June 2022	112,000,000	1,828,738
	Plant, machinery & electrical installation	C H Williams Talhar & Wong Sdn. Bhd. 30 June 2022	159,023,000	(796,264)
			330,433,000	1,498,875

NOTE

Land and building comprise of:

	RM
upward revaluation	3,441,013 Revaluation surplus
downward revaluation	(806,123) Charge to profit or loss as impairment

Plant, machinery & electrical installation comprise of:

	RM
upward revaluation	1,191,860 Revaluation surplus
downward revaluation	(2,327,875) Charge to profit or loss as impairment

4. EFFECT ON NET ASSETS PER SHARE

Based on the fourth quarter unaudited financial results of MSB for the financial year ended 30 June 2022, the net assets value per share of MSB will be increased by RM0.012 to RM1.51 upon incorporation of the revaluation surplus, net of deferred tax, of RM4,080,984.

5. DOCUMENTS AVAILABLE FOR INSPECTION

The valuation reports of the property, plant and equipment are 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.

This announcement is dated 30 August 2022.

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