PUBLIC PACKAGES HOLDINGS BERHAD 

Revaluation of Properties

1. INTRODUCTION

Pursuant to paragraph 9.19(46) of Listing Requirement of Bursa Malaysia Securities Berhad, the Board of Directors of Public Packages Holdings Berhad [198701003743 (162413-K)] (“PPHB” and “the Company”) wishes to announce that the PPHB Group has carried out a revaluation on its properties as detailed in paragraph 3 (“the Revaluation”).

2. PURPOSE OF REVALUATION

The said revaluation exercise was undertaken to reflect the fair value of the Group’s investment properties in the financial statements of the Group for the financial year ended 31 December 2022. Such revaluation exercise is in compliance with MFRS140 Investment property.

3. DETAILS OF THE REVALUATION

Details breakdowns of the Revaluation are as follows: -

4. EFFECT ON NET ASSETS (“NA”) PER SHARE

Such fair value changes on investment properties and increase in revaluation reserve will be accounted for and recognised in financial statements for the financial year ended 31 December 2022. The recognition of fair value changes on investment properties and increase in revaluation reserve has resulted in an increase in Net Assets (“NA”) per share of the Group of approximately RM0.001 for the financial year ended 31 December 2022.

5. DOCUMENTS AVAILABLE FOR INSEPCTIONS

Copies of Revaluation Report dated 5 January 2023 prepared by Nawawi Tie Leung Property Sdn. Bhd. can be inspected at registered office of PPHB at Wisma Public Packages, Plot 67 Lintang Kampong Jawa, Bayan Lepas Industrial Estate, 11900 Bayan Lepas, Penang, from 9.00a.m. to 5.00 p.m. during normal business hours for a period of 3 months the date of this announcement.

This announcement is dated 5 January 2023.