Revaluation of Menara Maxis


 

TIDMTNJ 
 
RNS Number : 1020J 
Tanjong PLC 
24 March 2010 
 

 
 
TANJONG PUBLIC LIMITED COMPANY ("Tanjong" or "the Company") 
-           Revaluation of Menara Maxis for the financial year ended 31 January 
2010 
 
 
1.         INTRODUCTION 
 
In compliance with Paragraph 9.19 (46) of Chapter 9 of the Main Market Listing 
Requirements of Bursa Securities, the Board of Directors of Tanjong is pleased 
to announce that a revaluation of Menara Maxis located at Jalan Ampang, Kuala 
Lumpur City Centre, which is owned by its 67% subsidiary Impian Klasik Sdn Bhd, 
was conducted on 31 January 2010. 
 
The revaluation was conducted by Messrs. Jones Lang Wootton, a Registered 
Valuer, using the open market existing use basis, to reflect its fair value of 
RM672 million and resulted in a surplus of RM22 million. The Group's share of 
the resulting surplus arising from the valuation is RM11.1 million, which has 
been credited to the Group Income Statement in accordance with IAS40 - 
Investment Property. 
 
 
2.         PURPOSE 
 
The revaluation has been performed in accordance with the ongoing assessment of 
the market value of Menara Maxis and the resulting fair value changes are 
appropriately reflected in the financial statements. 
 
 
3.         EFFECT ON THE NET ASSETS PER SHARE 
 
The effect on the net assets per share of Tanjong arising from the revaluation 
surplus is as follows: - 
 
+-------------------------------+------------+-------------+ 
|                               |            | Net assets  | 
|                               |  RM'000    |  per share  | 
|                               |            |    (RM)     | 
+-------------------------------+------------+-------------+ 
| Net assets prior to           |  4,263,780 |    10.57    | 
| incorporating the revaluation |            |             | 
| surplus of Menara Maxis as at |            |             | 
| 31 January 2010               |            |             | 
|                               |            |             | 
| Increase in net assets        |            |             | 
+-------------------------------+------------+-------------+ 
|    Revaluation surplus        |     22,000 |             | 
+-------------------------------+------------+-------------+ 
|    Deferred taxation          |  (5,500)   |             | 
+-------------------------------+------------+-------------+ 
|    Net surplus                |     16,500 |     0.04    | 
|                               |          * |             | 
+-------------------------------+------------+-------------+ 
|                               |            |             | 
+-------------------------------+------------+-------------+ 
| Net assets after              |  4,280,280 |    10.61    | 
| incorporating revaluation     |            |             | 
| surplus of Menara Maxis       |            |             | 
+-------------------------------+------------+-------------+ 
 
* Net surplus attributable to: 
RM'000 
  Tanjong's shareholders 11,055 
  Minority interest                         5,445 
16,500 
 
4.         DOCUMENTS AVAILABLE FOR INSPECTION 
 
The valuation report in relation to the revaluation of Menara Maxis is available 
for inspection at the Principal Office of Tanjong at Level 30, Menara Maxis, 
Kuala Lumpur City Centre, 50088 Kuala Lumpur, Malaysia from Mondays to Fridays 
(except public holidays) during normal office hours for a period of 3 months 
from the date of this announcement. 
 
 
This announcement is dated 24 March 2010. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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