CHUAN

0.425

-0.005 (-1.2%)

OTHERS UPDATED VALUATION ON INVESTMENT PROPERTIES

CHUAN HUAT RESOURCES BHD

Type Announcement
Subject OTHERS
Description
UPDATED VALUATION ON INVESTMENT PROPERTIES

The Board of Directors of Chuan Huat Resources Berhad (“CHRB” or the “Company”), wishes to announce that pursuant to Paragraph 9.19 (46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, CHRB and its subsidiary companies (the “Group”) had undertaken an updated valuation exercise (“Updated Valuation”) on the Group’s investment properties (“IPs”). The Updated Valuation is not subject to approval of any regulatory authorities.

 

The Board of Directors of CHRB had on 27 September 2021 approved the incorporation of fair value gain in the unaudited financial statements of CHRB for the fourth quarter ended 30 June 2021.

1. Purpose

The Updated Valuation was carried out to measure the fair value of the Group’s IPs in accordance with the Group’s accounting policy and in compliance with the Malaysian Financial Reporting Standards (“MFRS”) 140 for measurement of fair value of IPs.

2. Fair Value Gain

The details of Updated Valuation and fair value gain/(loss) are set out in Appendix A attached herein. The Updated Valuation was carried out by a registered valuer, Raine & Horne International Zaki + Partners Sdn. Bhd.

At the consolidated level, a fair value gain of RM1.953 million has been incorporated into the unaudited financial statements of CHRB for the fourth quarter ended 30 June 2021.

The fair value gain is recognised in the unaudited Condensed Consolidated Statement of Comprehensive Income, net of deferred tax of RM0.195 million arriving at the net fair value gain of RM1.758 million. The consolidated net assets value per share of CHRB based on the unaudited results of the Group will increase to RM0.01 in the fourth quarter ended 30 June 2021.

Copies of the Updated Valuation Reports are available for inspection at the registered office of CHRB at Wisma Lim Kim Chuan, Lot 50A, Jalan 1/89B, 3 1/2 Miles Off Jalan Sungai Besi, 57100 Kuala Lumpur during normal business hours on a working day for a period of three (3) months from the date of this announcement.

 

The announcement is dated 28 September 2021.




Please refer attachment below.



Announcement Info

Company Name CHUAN HUAT RESOURCES BHD
Stock Name CHUAN
Date Announced 28 Sep 2021
Category General Announcement for PLC
Reference Number GA1-27092021-00075