KUALA LUMPUR (July 19): Green Ocean Corp Bhd said it saw a surplus of RM3.3 million from the revaluation of its industrial land in Klang.

In a filing with Bursa Malaysia, the group said the land, held by its wholly-owned subsidiary Ace Edible Oil Industries Sdn Bhd, has a current market value of about RM17 million and a forced sale value of about RM11.9 million as at Jan 25.

It said the revaluation has resulted in an increase of 1.08 sen in the net asset per share of the group.

Green Ocean said that for the purpose of valuation, the valuer had been specifically instructed to value the land as a parcel of vacant industrial land only and not to attribute value to buildings —  a double-storey office building and a few units of single storey factories — erected on the land.

Green Ocean's share price fell 4.17% or 0.5 sen to 11.5 sen today, for a market capitalisation of RM34.76 million