PUBLIC PACKAGES HOLDINGS BERHAD
REVALUATION OF PROPERTIES
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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"). - 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. - 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 | ||
- 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. - 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.