INTRODUCTION

Pursuant to Paragraph 9.19 (46) of the Main Market Listing Requirement of Bursa Malaysia Securities Berhad, the Board of Directors of Chin Hin (“Board”) wishes to announce that the Company had undertaken a revaluation exercise on the Investment Properties (“IP”) and Property, Plant and Equipment (“PPE”) held by the Company and its subsidiaries (“Group”) for the financial year ended 31 December 2023 (“Revaluation”).

The Board had on 29 February 2024 approved the valuation reports dated 31 December 2023 and the incorporation of the Revaluation surplus/deficits arising from the Revaluation in the fourth quarter unaudited financial results of the Group for the financial year ended 31 December 2023.

PURPOSE OF THE REVALUATION

The Revaluation was carried out to ascertain the carrying value of the Group’s IP and PPE for impairment purposes and to reflect the fair value of the IP and PPE in the unaudited financial statements of the Group for the financial year ended 31 December 2023. This Revaluation is in compliance with Malaysian Financial Reporting Standard 140: Investment Property (“MFRS 140”) and Malaysian Financial Reporting Standards 116: Property, Plant and Equipment (“MFRS 116”).

REVALUATION SURPLUS/DEFICITS, NAME OF VALUERS AND VALUATION OF IP AND PPE BY VALUERS

The valuations were conducted by independent valuer, CBRE WTW Valuation & Advisory Sdn. Bhd. (formerly known as C H Williams Talhar & Wong Sdn. Bhd.) and Intra Harta Consultants Sdn. Bhd. (“IP Valuers”) on the Group’s IP held on 31 December 2023. The total market value as appraised by the IP Valuers on the Group’s IP is RM57,825,000, resulting in a total revaluation surplus of RM145,000. The net revaluation surplus from the IP did not materially affect the Group’s consolidated net asset per share. The list of revalued IP is attached in Appendix A.

In addition, the valuations were conducted by the independent valuers, CBRE WTW Valuation & Advisory Sdn. Bhd. (formerly known as C H Williams Talhar & Wong Sdn. Bhd.), PA International Property Consultants Sdn. Bhd, VPC Alliance (JB) Sdn. Bhd. and VPC Alliance (KL) Sdn. Bhd. (“PPE Valuers”) on the Group’s PPE as at 31 December 2023. The revaluation surpluses, net of deferred tax, of approximately RM41,802,000 were recognised in the revaluation reserve during the current financial quarter and financial year to date, whereas the revaluation deficits of approximately RM3,371,000 were recognised immediately in the statement of comprehensive income for the current financial quarter and financial year to date, resulting in the Group’s consolidated net asset per share to increase by 0.02 sen per share. The list of revalued PPE is attached in Appendix B.

DOCUMENTS FOR INSPECTION

Copies of the revaluation reports are available for inspection at the registered office of the Company at 22-09, Menara 1MK, No. 1 Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur between 8.30 a.m. and 5.30 p.m. from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement.

The announcement is dated 29 February 2024.