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OTHERS MASTER-PACK GROUP BERHAD ("MASTER" OR "THE COMPANY") REVALUATION OF NON-CURRENT ASSETS OF THE GROUP

MASTER-PACK GROUP BERHAD

Type Announcement
Subject OTHERS
Description
MASTER-PACK GROUP BERHAD ("MASTER" OR "THE COMPANY")
REVALUATION OF NON-CURRENT ASSETS OF THE GROUP

INTRODUCTION

Pursuant to Paragraph 9.19(46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of MASTER wishes to announce that the Board had approved the revaluation surplus of RM9,204,000.00 to be incorporated into the unaudited consolidated financial statements for the financial period ended 31 December 2023.

 

PURPOSE OF REVALUATION

The purpose of the revaluation is to ascertain the fair value of the Properties of the Group for accounting purposes in compliance with the Financial Reporting Standard (FRS) 116 on Property, Plant and Equipment (PPE) and FRS 140 on Investment Properties and in compliance with the Group’s policy to re-value once within 5 years. The last valuation was in 2018.

 

DETAILS OF REVALUATION

 

No.

Description

Market Value

(RM’000)

Revaluation Surplus

(RM’000)

Valuer

Date of Valuation

FRS 116 - Property, Plant and Equipment

1.

Lot No 408, Mukim 7

S.P.S. Penang

23,100

6,313

Nawawi Tie

Leung Property Consultants

Sdn Bhd

31.12.2023

2.

Plot No 13 and 14

Mukim 5

S.P.S., Penang

9,350

2,037

3.

Lot 1270, Section 66

Kuching Town Land District Kuching, Sarawak

12,700

854

VPC Alliance (Sarawak) Sdn Bhd

31.12.2023

FRS 140 - Investment Properties

4.

Lot 10056 to 10063

Mukim of Parit Buntar

Daerah Krian, Perak

11,000

-

Nawawi Tie

Leung Property Consultants

Sdn Bhd

31.12.2023

5.

Office Units 5-3-1 to Office Units 5-3-6, Hunza Complex, Greenlane Heights, Jalan Gangsa, 11600 Penang

3,640

-

31.12.2023

 

EFFECTS OF REVALUATION

The total revaluation surplus for PPE net of deferred taxation amounting to RM9,204,000.00 will not be reclassified to the profit or loss account of the Company.

 

DOCUMENTS FOR INSPECTION

The valuation reports are available for inspection at the registered office of the Company at 51-21-A, Menara BHL Bank, Jalan Sultan Ahmad Shah, 10050 Penang during normal office hours from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement.

 

This announcement is dated 29 February 2024.






Announcement Info

Company Name MASTER-PACK GROUP BERHAD
Stock Name MASTER
Date Announced 29 Feb 2024
Category General Announcement for PLC
Reference Number GA1-29022024-00059



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