1. INTRODUCTION
Pursuant to Paragraph 9.19(46) and Part H of Appendix 9A of the Main Market Listing Requirements, the Board of Directors of Tan Chong Motor Holdings Berhad ("TCMH" or "the Company") wishes to announce that the Company has carried out a revaluation exercise on the Company's and its subsidiaries' (hereinafter referred to as "the Group") investment properties which consist of buildings, leasehold land and freehold land situated in Malaysia (hereinafter referred to as "Properties").
The Board had on 28 February 2025 approved the incorporation of the net gain arising from the change in the fair value of investment properties of the Group in the consolidated financial statements of TCMH for the financial year ended 31 December 2024.
2. PURPOSE OF REVALUATION
The purpose of the valuation is to reflect the fair value of the properties in compliance with Malaysian Financial Reporting Standard ("MFRS") 140: Investment Property.
3. REVALUATION SURPLUS, NAME OF VALUER, DATE OF VALUATION AND VALUATION ON PROPERTIES BY VALUER
The valuation of the properties situated in Malaysia was conducted by LaurelCap Sdn. Bhd.
Please refer to Appendix A for the details.
4. EFFECT OF THE REVALUATION GAIN ON NET ASSETS PER SHARE
The recognition of revaluation gain amounting to RM364,500 (net of deferred tax) arising from the change in the fair value of investment properties is negligible and will not have any effect on the Group's net assets per share.
5. DOCUMENTS FOR INSPECTION
The valuation reports on the Properties are available for inspection at the Registered Office of TCMH at 62-68, Jalan Sultan Azlan Shah, 51200 Kuala Lumpur, during normal business hours for a period of three (3) months from the date of this announcement.
This announcement is dated 28 February 2025.
Please refer attachment below.
