News

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’ (“the Group”) property, plant and equipment and investment properties which consist of buildings, leasehold land and freehold land situated in Malaysia, Vietnam and Laos (“Properties”).

      The Board of TCMH had on 26^th February 2014 approved the incorporation of the revaluation surplus, net of deferred tax, of RM620.4 million in the consolidated financial statements of TCMH for the financial year ended 31^st December 2013.

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 and 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., whilst the valuation of properties situated in Vietnam and Laos was conducted by Agency for Real Estate Affairs.  

      Please refer to Table A attached below 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 RM620.4 million has resulted in an increase in net assets per share as at 31^st December 2013 by RM0.95.

5.   DOCUMENTS FOR INSPECTION

      The valuation reports on the Properties are available for inspection at the registered office of TCMH at 62-68, Jalan Ipoh, 51200 Kuala Lumpur, during normal business hours for a period of three (3) months from the date of this announcement.

      This announcement is dated 26^th February 2014.