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 Directors of TCMH had on 28 February 2017 approved the incorporation of the revaluation surplus, net of deferred tax, of RM173.4 million in the consolidated financial statements of TCMH for the financial year ended 31 December 2016.

2.   PURPOSE OF REVALUATION

The purpose of the revaluation is to reflect the fair value of the Properties in compliance with the Malaysian Financial Reporting Standard (“MFRS”) 116: Property, Plant and Equipment and MFRS 140: Investment Property. 

3.   REVALUATION SURPLUS, NAME OF VALUERS, DATE OF VALUATION AND VALUATION ON PROPERTIES BY VALUERS

The valuation of the properties situated in Malaysia were conducted by Rahim & Co Chartered Surveyors Sdn. Bhd., whilst the valuation of properties situated in Vietnam and Laos were conducted by Agency for Real Estate Affairs.  

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 RM173.4 million has resulted in an increase in the net assets per share of TCMH Group by RM0.26 as at 31 December 2016.

5.   DOCUMENTS FOR INSPECTION

The valuation reports of 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 2017.