The purpose of the valuation of the Group’s investment properties is in compliance with the Group’s accounting policy to carry out fair valuation of its investment properties annually as required under FRS 140. A valuation was carried out on one of its investment properties own by Benua Perdana Sdn Bhd which is located at Pantai Kok which was acquired by the Group on 31 March 2008. The last valuation was carried out in 2007 prior to the signing of the agreement for the acquisition of Benua Perdana Sdn Bhd on 3 October 2007. The Board of Directors of TCB has approved the incorporation of the fair value of the investment properties in the financial statements of TCB Group. The other investment properties have been assessed and there is no material deviation to the carrying value as at the balance sheet date.
The fair valuation of the investment properties have resulted in a gain on fair value of the investment properties by RM2.578 mil to the Group. The effects of the fair valuation exercise have resulted in the Group’s net asset per share increasing by 0.16 sen.
The fair value of the property was carried out by Rahim & Co Chartered Surveyors Sdn Bhd on 31 December 2008 at a valuation of RM13,690,000.
Copy of the valuation report is available for inspection at our registered office for a period of 3 months from the date of this announcement.
This announcement is dated 27 February 2009.