1. INTRODUCTION
Pursuant to Paragraph 9.19(46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of MIG (“the Board”) wishes to announce that MIG 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 30 August 2022 approved the valuation reports and the incorporation of the revaluation surplus arising from the revaluation in the fourth quarter unaudited financial results of MIG for the financial year ended 30 June 2022.
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:
NOTE
(A) Land and building comprise of:
RM
- upward revaluation 4,362,522 Revaluation Surplus
- downward revaluation (806,123) Charged to profit or loss as impairment
(B) Plant, machinery & electrical installation comprise of:
RM
- upward revaluation 1,307,887 Revaluation Surplus
- downward revaluation (2,331,737) Charged to profit or loss as impairment
4. EFFECT ON NET ASSETS PER SHARE
Based on the fourth quarter unaudited financial results of MIG for the financial year ended 30 June 2022, the net assets per share of MIG increased from RM1.13 to RM1.14 upon incorporation of the revaluation surplus, net of deferred tax, of RM4,869,512.
5. DOCUMENTS AVAILABLE FOR INSPECTION
The valuation reports of the property, plant and equipment are available for inspection at the Registered Office of MIG 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 30 August 2022.