The Board of Directors of MHB Group is pleased to announce pursuant to Paragraph 9.19 (46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad that a valuation was conducted on the following non-current asset of MHB Group where the Board of Directors of the Group has approved the incorporation of the net revaluation deficit in the consolidated financial statements for the financial year ended 31 December 2020 of the Group:-

Description of Non-Current Asset

Valuation
report (RM’000)

Carrying amount after revaluation (RM’000)

Revaluation
surplus/ (deficit) (RM’000)

A seventeen (17)-storey office building together with 1 mezzanine floor and 4½ split-levels basement car park known as Menara Manulife, bearing postal address of No. 6, Jalan Gelenggang, Damansara Heights, 50490 Kuala Lumpur, Malaysia (“the Property”).

- classified as self-occupied properties

- classified as investment properties

27,026

77,974

27,026

77,974

1,169

(4,619)

Total

105,000

105,000

(3,450)*

The valuation was conducted to assess the market value of the Property for Internal Management purposes.


The net revaluation surplus on MHB's property would result in the Group’s net assets per share to increase by approximately RM0.0027 per share**.


The valuation was conducted by Knight Frank Malaysia Sdn. Bhd. on 31 December 2020 and the valuation report is available for inspection at MHB’s registered office for a period of three (3) months from the date of this announcement.


This announcement is dated 23 February 2021.


* the total net revaluation deficit of approximately RM3,450,000.00 is derived based on the latest valuation less carrying value of the Property held by its insurance subsidiary in trust for MHB.


** impact to the Group net assets per share is computed based on the portion of the net revaluation surplus on MHB’s property only. The portion of the valuation surplus/(deficit) held by its insurance subsidiary (by Life fund) does not affect the net assets per share of the Group.