1. INTRODUCTION

Pursuant to Paragraph 9.19 (46) and Part H of Appendix 9A of the Main Market Listing Requirements, the Board of Directors of TRC Synergy Berhad (‘TRCS’ or ‘the Company’) wishes to announce that the Company has carried out a revaluation exercise on the Group’s property, plant & equipment, right-of-use assets and investment properties which consists of freehold land, freehold buildings, leasehold land and leasehold building situated in Malaysia and Australia.

2.  PURPOSE OF REVALUATION

The purpose of the valuation is to reflect the fair value of the properties in compliance with Malaysian Financial Reporting Standard (‘MFRS’) 116: Property, Plant & Equipment and MFRS 140: Investment Property.

3. REVALUATION SURPLUS, NAME OF VALUER, DATE OF VALUATION AND VALUATION ON PROPERTIES BY VALUER

The valuation of the properties situated in Malaysia was conducted by Hartamas Valuation & Consultancy Sdn Bhd whilst the valuation of property situated in Australia was conducted by CBRE Valuations Pty Limited.

Please refer to Appendix A for the details.

4. EFFECT OF THE REVALUATION SURPLUS ON NET ASSETS PER SHARE

The recognition of the revaluation surplus and fair value gain on investment property, net of deferred tax, of RM27.45 million and RM2.37 million respectively, resulted in an increase in net assets per share as at 31 December 2023 by RM0.06.

5. DOCUMENTS FOR INSPECTION

The valuation reports on the Properties are available for inspection at the Registered Office of TRCS at TRC Business Centre, Jalan Andaman Utama, 68000 Ampang, Selangor, during normal business hours for a period of three (3) months from the date of this announcement.

The announcement is dated 05th March 2024.