MYCRON

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OTHERS MYCRON STEEL BERHAD ("MSB" OR "THE GROUP") - REVALUATION OF PROPERTY, PLANT AND EQUIPMENT

MYCRON STEEL BERHAD

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 25 August 2021 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 2021.

 

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:

 

Location of the Property, Plant and Equipment

Type of Property, Plant and Equipment

Valuer/Valuation date

Market Value  (RM)

Revaluation Surplus/(Deficit) (RM)

 

Lot 53, Persiaran Selangor 40200

Shah Alam,

Selangor

 

 

Industrial land and factory cum office building (Leasehold)

 

C H Williams Talhar & Wong Sdn. Bhd.

30 June 2021

 

30,000,000

 

1,384,920

 

Plant, machinery

 

 

C H Williams Talhar & Wong Sdn. Bhd.

30 June 2021

 

6,300,000

 

109,254

 

No.49, Jalan Utas

15/7,

40200 Shah Alam

Selangor

 

Plant, machinery

 

C H Williams Talhar & Wong Sdn. Bhd.

30 June 2021

 

9,230,000

 

65,733

 

Lot 10, Persiaran Selangor,

40200 Shah Alam

Selangor

 

Plant, machinery

 

 

C H Williams Talhar & Wong Sdn. Bhd.

30 June 2021

 

15,060,000

 

(122,103)

 

Lot 717, Jalan Sungai Rasau,

Seksyen 16,

40200 Shah Alam,

Selangor

 

 

Industrial land and factory cum office building (Freehold)

 

C H Williams Talhar & Wong Sdn. Bhd.

30 June 2021

 

112,000,000

 

6,278,974

 

Plant, machinery & electrical installation

 

C H Williams Talhar & Wong Sdn. Bhd.

30 June 2021

 

141,725,000

 

(2,332,931)

 

 

 

314,315,000

5,383,847

 

NOTE

Land and building comprise of:

                                                               RM

-upward revaluation                               7,663,893        Revaluation surplus

 

Plant, machinery & electrical installation comprise of:

                                                               RM

-upward revaluation                               1,929,697        Revaluation surplus

-downward revaluation                          (4,209,743)     Charge to profit or loss as impairment

 

4.   EFFECT ON NET ASSETS PER SHARE

Based on the fourth quarter unaudited financial results of MSB for the financial year ended 30 June 2021, the net assets value per share of MSB will be increased by RM0.024 to RM1.36 upon incorporation of the revaluation surplus, net of deferred tax, of RM7,991,129.

 

5.   DOCUMENTS AVAILABLE FOR INSPECTION

The valuation reports of the property, plant and equipment are available for inspection at the Registered Office of MSB at Suite 11.05, 11th Floor, No.566, Jalan Ipoh, 51200 Kuala Lumpur during normal business hours from Monday to Friday (except for Public Holidays) for a period of three (3) months from the date of this announcement.

 

This announcement is dated 26 August 2021.

 

 

 






Announcement Info

Company Name MYCRON STEEL BERHAD
Stock Name MYCRON
Date Announced 26 Aug 2021
Category General Announcement for PLC
Reference Number GA1-24082021-00045