Date Published : 2023-08-30
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 2023 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 2023.
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 out below:
NOTE
Land and building comprise of:
RM | |
---|---|
• upward revaluation | 10,816,386 Revaluation surplus |
• downward revaluation | (259,165) Charge to profit or loss as impairment |
RM | |
---|---|
• upward revaluation | 2,338,355 Revaluation surplus |
• downward revaluation | (6,106,307) Charge to profit or loss as impairment |