1. INTRODUCTION
Pursuant to Paragraph 9.19(46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of MIG (“the Board”) wishes to announce that MIG had undertaken a revaluation exercise on the land, buildings, plant, machinery and electrical installation held by the Group. The Board had at its meeting held on 29 August 2013 approved the valuation reports and the incorporation of the revaluation surplus arising from the revaluation in the fourth quarter unaudited financial results of MIG for the financial year ended 30 June 2013.
2. PURPOSE
The revaluation was carried out in accordance with the Group’s accounting policy to determine the fair value of the Group’s property, plant and equipment comprising the land, building, plant, machinery and electrical installation periodically, with sufficient regularity.
3. REVALUATION SURPLUS
The details of the revaluation surplus/(deficit) are set out below:
| Location of the Property, Plant and Equipment | Type of Property, Plant and Equipment | Valuer/Valuation date | Market Value (RM) | Revaluation Surplus/(Deficit) (RM) |
Lot 53, Persiaran Selangor,
40200 Shah Alam,
Selangor | Industrial land and factory cum office building (Leasehold) | C H Williams Talhar & Wong Sdn Bhd
3 June 2013 | 21,500,000 | 1,502,722 |
| Plant, machinery & electrical installation | C H Williams Talhar & Wong Sdn Bhd
29 May 2013 | 10,353,000 | 53,934 |
No. 49, Jalan Utas 15/7,
40200 Shah Alam,
Selangor | Industrial land and factory building (Leasehold) | C H Williams Talhar & Wong Sdn Bhd
3 June 2013 | 30,150,000 | 2,961,189 |
| Plant, machinery & electrical installation | C H Williams Talhar & Wong Sdn Bhd
29 May 2013 | 8,582,000 | 41,299 |
Lot 10, Persiaran Selangor,
40200 Shah Alam
Selangor | Industrial land and factory building (Leasehold) | C H Williams Talhar & Wong Sdn Bhd
3 June 2013 | 20,900,000 | 1,347,299 |
| Plant, machinery & electrical installation | C H Williams Talhar & Wong Sdn Bhd
29 May 2013 | 24,175,000 | 31,592 |
Lot 16, Jalan Pengapit 15/19,
40200 Shah Alam,
Selangor | Industrial land and factory building (Leasehold) | C H Williams Talhar & Wong Sdn Bhd
3 June 2013 | 9,150,000 | 647,622 |
| Plant, machinery & electrical installation | C H Williams Talhar & Wong Sdn Bhd
29 May 2013 | 3,585,000 | 86,910 |
Lot 717, Jalan Sungai Rasau,
Seksyen 16,
40200 Shah Alam,
Selangor | Industrial land and factory cum office building (Freehold) | C H Williams Talhar & Wong Sdn Bhd
4 June 2013
| 99,400,000 | 4,439,812 |
| Plant, machinery & electrical installation | 178,730,000 | - |
Lot 2953, Mukim Kelemak
Daerah Alor Gajah,
Melaka | Industrial land and factory cum building (Leasehold) | Azmi & Co (Shah Alam) Sdn Bhd
12 August 2013 | 1,320,000 | 25,667 |
 | | | 407,845,000 | 11,138,046 |
4. EFFECT ON NET ASSETS PER SHARE
Based on the fourth quarter unaudited financial results of MIG for the financial year ended 30 June 2013, the net assets value per share of MIG will be increased from RM1.04 to RM1.08 upon incorporation of the revaluation surplus, net of deferred tax, of RM9,422,452.
5. DOCUMENTS AVAILABLE FOR INSPECTION
The valuation reports of the property, plant and equipment are available for inspection at the Registered Office of MIG at Suite 12.03, 12th Floor, No. 566, Jalan Ipoh, 51200 Kuala Lumpur 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 30 August 2013.
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