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”) property, plant and equipment, investment properties and right-of-use assets which consist of buildings, leasehold land and freehold land situated in Malaysia, Vietnam, Myanmar and Laos (hereinafter referred to as “Properties”).

The Board had on 28 February 2023 approved the incorporation of the revaluation surplus, net of deferred tax, of RM172.34 million in the consolidated financial statements of TCMH for the financial year ended 31 December 2022.

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”) 116: Property, Plant and Equipment, MFRS 140: Investment Property, and MFRS 16: Leases. 

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 International Sdn. Bhd., whilst the valuation of properties situated in Vietnam, Myanmar and Laos was conducted by VAS Valuation Co Ltd and Agency for Real Estate Affairs respectively.  

Please refer to Appendix A for the details.

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

The recognition of the revaluation surplus, net of deferred tax, of RM172.34 million has resulted in an increase in net assets per share by RM0.27 as at 31 December 2022.

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 2023