News

Revaluation Of Properties

BackFeb 28, 2022
Type Announcement
Subject OTHERS
Description

ADVANCE SYNERGY BERHAD ("ASB" or "Company")

REVALUATION OF PROPERTIES

1.         INTRODUCTION

 

             Pursuant to Paragraph 9.19(46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of ASB (“Board”) wishes to announce that the Board has approved the incorporation of the revaluation surplus arising from the revaluation exercises conducted on the properties as set out in item 3 below (“Properties”) held by the Group in the unaudited financial results of ASB Group for the financial year ended 31 December 2021.

 

2.         PURPOSE

 

             The revaluation exercises were carried out to determine the fair value of the Properties in compliance with MFRS 116: Property, Plant and Equipment and to reflect the fair value of the Properties in the consolidated financial statements of the Group for the financial year ended 31 December 2021.

 

3.         REVALUATION SURPLUS

 

             The details of the revaluation surplus of the Properties are set out below:-

 

Location Description Valuer/Valuation date

Market Value

 (RM)

Net Revaluation Surplus (after deferred tax)

      (RM)

Holiday Villa Beach Resort & Spa Cherating ("CHV") bearing postal address Lot 1303, Mukim Sungai Karang, 26080 Kuantan, Pahang Darul Makmur

 

7 adjourning pieces of land with a beach resort hotel, CHV Suleiman & Co/19 January 2022 44,000,000 1,253,703

Lot PT 4747 & PT 4748, Off Jalan Bedong-Semeling, Bukit Air Nasi, 08100 Bedong, Kedah Darul Aman

 

2 pieces of agriculture land  Suleiman & Co/20 February 2022 710,000 433,800

 

4.         EFFECT OF REVALUATION SURPLUS ON NET ASSETS PER SHARE

 

             The aforesaid revaluation surplus after deferred tax resulted in an increase in the net assets per share of the Group by 0.18 sen as at 31 December 2021.

 

5.         DOCUMENTS AVAILABLE FOR INSPECTION

 

             The valuation reports of the Properties are available for inspection at the registered office of the Company at Ground Floor, Synergy 9, 9 Jalan Kajibumi U1/70, Temasya Glenmarie, 40150 Shah Alam, Selangor, Malaysia during normal business hours from Monday to Friday (except for public holidays) for a period of three (3) months from the date of this announcement.

 

 

This announcement is dated 28 February 2022.




Announcement Info

Company Name ADVANCE SYNERGY BERHAD
Stock Name ASB
Date Announced 28 Feb 2022
Category General Announcement for PLC
Reference Number GA1-28022022-00105