PUBLIC PACKAGES HOLDINGS BERHAD
REVALUATION OF PROPERTIES
1. INTRODUCTION
Pursuant to paragraph 9.19(46) of Listing Requirement of Bursa Malaysia Securities Berhad, the Board of Directors of Public Packages Holdings Berhad (198701003743 (162413-K)) (“PPHB” and “the Company”) wishes to announce that the PPHB Group has carried out a revaluation on its properties as detailed in paragraph 3 (“the Revaluation”).
2. PURPOSE OF REVALUATION
The said revaluation exercise was undertaken to reflect the fair value of the Group’s investment properties in the financial statements of the Group for the financial year ended 31 December 2020. Such revaluation exercise is in compliance with MFRS140 Investment property.
3. DETAILS OF THE REVALUATION
Details breakdowns of the Revaluation are as follows: -
| Location |
Carrying amount as at at 31 December 2020
|
Revaluation on 31 December 2020
|
Revaluation surplus/ (deficit)
|
|
84 Lebuhraya Kapal, Penang
|
455,000
|
420,000 |
-35,000.00 |
|
5-2-4 Edgecumbe Court, Penang
|
500,000 |
430,000 |
-70,000.00 |
|
SB 15 Block A, No.1 Persiaran Gurney, Penang
|
1,220,000 |
1,350,000 |
130,000.00 |
|
Unit 1-4-3 Taman Desa Relau, Penang
|
260,000 |
230,000 |
-30,000.00 |
|
Unit 368-2-04 Belisa Row, Jalan Burma, Penang
|
580,000 |
630,000 |
50,000.00 |
|
No. A-17-02 Verticas Residensi, Off Jalan Ceylon, Kuala Lumpur
|
1,900,000 |
1,850,000 |
-50,000.00 |
|
Lot 15 Jalan Utas 15/7, Section 15, 40000 Shah Alam, Selangor
|
5,800,000 |
6,000,000 |
200,000.00 |
| Total |
195,000.00 |
4. EFFECT ON NET ASSETS (“NA”) PER SHARE
Such fair value changes on investment properties will be accounted for and recognised in financial statements for the financial year ended 31 December 2020.
The recognition of fair value changes on investment properties has resulted in an increase in Net Assets (“NA”) per share of the Group of approximately RM0.001 for the financial year ended 31 December 2020.
5. DOCUMENTS AVAILABLE FOR INSEPCTIONS
Copies of Revaluation Report dated 8 January 2021 prepared by Raine & Horne International, Zaki + Partners Sdn. Bhd. can be inspected at registered office of PPHB at Wisma Public Packages, Plot 67 Lintang Kampong Jawa, Bayan Lepas Industrial Estate, 11900 Bayan Lepas, Penang, from 9.00 a.m. to 5.00 p.m. during normal business hours for a period of 3 months the date of this announcement.
This announcement is dated 8 January 2021.
|