1. INTRODUCTION
The Board of Directors of Parlo Berhad (“Parlo”) (“the Board”) wishes to announce that the Board had on 28 February 2019 approved the valuation reports and the incorporation of the revaluation surplus arising from the revaluation in the financial statements of Parlo for the financial year ended 31 December 2018. This announcement is made pursuant to Rule 9.19(46) of the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad.
2. PURPOSE OF REVALUATION
The purpose of the revaluation of Parlo and its subsidiaries’ (“Group”) investment properties and property, plant and equipment (“PPE”) which mainly consist of freehold land and buildings, was carried out to ascertain the fair value of the investment properties and PPE of the Group pursuant to MFRS 116 and MFRS 140.
3. REVALUATION SURPLUS
The details of the revaluation surplus of the properties are set out below:
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Location of the Property
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Type of Property
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Name of Valuer / Date of Valuation
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Valuation by Valuer and adopted by the Board/ Carrying Amount as at 31 December 2018
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Revaluation Surplus effect on Property, Plant and Equipment
RM
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Revaluation Surplus net of deferred tax effect on revaluation reserve
RM
|
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PA-16-01 & PA-16-02 Block Pelangi Astana,
Pelangi Damansara PJU 6,
Persiaran Surian,
47800 Petaling Jaya,
Selangor Darul Ehsan.
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Two (2) units of 3-bedroom apartment
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C H Williams Talhar & Wong Sdn Bhd / 31 August 2018
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940,000
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40,000
|
36,000*
|
|
No. 3.12, Marina Villa 1, Lumut Marina Cove,
32200 Lumut, Perak Darul Ridzuan.
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3-bedroom apartment
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C H Williams Talhar & Wong Sdn Bhd / 31 August 2018
|
240,000
|
10,000
|
9,000*
|
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No.72,
Jalan Kampong Attap, 50460 Kuala Lumpur,
Wilayah Persekutuan.
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4-storey shop/office
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C H Williams Talhar & Wong Sdn Bhd / 31 August 2018
|
2,750,000
|
222,317
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168,961#
|
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No.3, Jalan Sultan Abdul Jalil,
30450 Ipoh,
Perak Darul Ridzuan.
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Double-storey shophouse
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C H Williams Talhar & Wong Sdn Bhd / 31 August 2018
|
870,000
|
85,143
|
64,709#
|
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Total
|
|
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4,800,000
|
357,460
|
278,670
|
*Reflected through fair value through profit or loss as part of other income
#Reflected through other comprehensive income as revaluation reserve
4. EFFECT OF THE REVALUATION SURPLUS ON THE NET ASSETS PER SHARE
The revaluation surplus, net of deferred tax, will result in a net assets per share increase of 0.08sen upon incorporation of the revaluation surplus of RM278,670.
5. DOCUMENTS AVAILABLE FOR INSPECTION
The valuation reports of the properties are available for inspection during normal business hours at the Registered Office of Parlo Berhad at Securities Services (Holdings) Sdn. Bhd., Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur, from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement.
This announcement is dated 28 February 2019.
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