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 2021. Such revaluation exercise is in compliance with MFRS140 Investment property.
  3. DETAILS OF THE REVALUATION
    Details breakdowns of the Revaluation are as follows: -

Location

Carrying

Revaluation

Fair Value

Revaluation

amount as at 31

on 31

Gain/(Loss)

Surplus/

December 2021

December

(Deficit)

2021

Unit 368-2-04 Belisa Row, Jalan Burma,

Penang

630,000

650,000

20,000

-

Unit 1-4-3 Taman Desa Relau,

230,000

260,000

30,000

-

Penang

Unit 1-15-3 Persiaran Gurney, Penang

1,350,000

1,200,000

(150,000)

-

Nos 7, 7A & 7B Weld Quay, Penang

4,641,079

5,500,000

-

858,921

Nos 2, 2A Gat Lebuh Gereja, Penang /

Nos 29, 29A & 31 Weld Quay, Penang

6,050,992

11,000,000

-

4,949,008

Total

(100,000)

5,807,929

  1. 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 2021.
    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 2021.
  2. DOCUMENTS AVAILABLE FOR INSEPCTIONS
    Copies of Revaluation Report dated 19 January 2022 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 19 January 2022.

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PP - Public Packages Holdings Bhd published this content on 19 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2022 09:21:05 UTC.