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 2022 approved the incorporation of the net loss 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 2021.

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 Rahim & Co Chartered Surveyors Sdn. Bhd.  

Please refer to Appendix A for the details.

4.   EFFECT OF THE REVALUATION LOSS ON NET ASSETS PER SHARE

The recognition of loss amounting to RM895,500 (net of deferred tax) arising from change in the fair value of investment properties will not have any material 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 2022.