1.         INTRODUCTION

             Pursuant to Paragraph 9.19(46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of ASB (“Board”) wishes to announce that the Board has approved the incorporation of the revaluation surplus arising from the revaluation exercises conducted on the properties as set out in item 3 below (“Properties”) held by the Group in the unaudited financial results of ASB Group for the financial year ended 31 December 2021.

2.         PURPOSE

             The revaluation exercises were carried out to determine the fair value of the Properties in compliance with MFRS 116: Property, Plant and Equipment and to reflect the fair value of the Properties in the consolidated financial statements of the Group for the financial year ended 31 December 2021.

3.         REVALUATION SURPLUS

             The details of the revaluation surplus of the Properties are set out below:-

4.         EFFECT OF REVALUATION SURPLUS ON NET ASSETS PER SHARE

             The aforesaid revaluation surplus after deferred tax resulted in an increase in the net assets per share of the Group by 0.18 sen as at 31 December 2021.

5.         DOCUMENTS AVAILABLE FOR INSPECTION

             The valuation reports of the Properties are available for inspection at the registered office of the Company at Ground Floor, Synergy 9, 9 Jalan Kajibumi U1/70, Temasya Glenmarie, 40150 Shah Alam, Selangor, Malaysia during normal business hours from Monday to Friday (except for public holidays) for a period of three (3) months from the date of this announcement.

This announcement is dated 28 February 2022.