umcca Re-valuation of Freehold Land, Buildings and Biological Assets

25/06/2008

The Board of Directors of UMB wishes to announce that the Board has approved the incorporation of the net revaluation surplus of RM205 million arising from the revaluation of the Group's Freehold Land, Buildings and Biological Assets in the consolidated financial statement for financial year ended 30 April 2008

Purpose


The revaluation was carried out to recognise the assets at valuation as permitted by FRS 116 - Property, Plant and Equipment.

Result of the revaluation

The net revaluation surplus arising from the revaluation is RM205 million

Effect on the net assets ("NA") per share of the Group

The revaluation has resulted in an increase of RM1.53 in the NA per share of the Group

Name of valuers

The valuation was conducted by C H Williams Talhar & Wong Sdn Bhd (Company No. 18149-U) of No.178, Jalan Merdeka, Taman Melaka Raya, 75000 Melaka, an independent professional registered valuer.

Date of valuation

1st February 2008

Value placed on the asset by the valuer

The value placed by C H Williams Talhar & Wong Sdn Bhd on the Group's Freehold Land, Buildings and Biological Assets is RM403 million

Inspection of Valuation Report

Copies of the valuation report are available for inspection at the Company's Registered Office at 6th Floor, No.61, Jalan Melaka Raya 8, Taman Melaka Raya, 75000 Melaka for a period of 3 months from the date of annoucement.


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自从2007年会计制度修改后，

当一个biological asset达到point of harvesting的时间，就必须(should be)从新评估，这biological asset只能评估一次。

新的会计系统，只会增加聘请valuer的成本。