Of the Main Market Listing Requirement of Bursa Malaysia
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1. INTRODUCTION Pursuant to Paragraph 9.19(46) of the Main Market Listing Requirement of Bursa Malaysia Securities Berhad, the Board of Directors of Kwantas (“Board”) wishes to announce that Kwantas has undertaken a revaluation exercise (“Revaluation”) on its land, buildings and biological assets of Kwantas and its subsidiaries (“Kwantas Group”). The Revaluation exercise was conducted by CH Williams Talhar & Wong (Sabah) Sdn Bhd, CH Williams Talhar Wong & Yeo Sdn Bhd, Land Serve (S) Sdn Bhd, Toto Suharto & Rekan, Dewi Apriyanti & Rekan and Jiangsu Su Xin Real Estate Appraisal Co., Ltd. The Board had, at its meeting held on 25 August 2017 approved the valuation reports dated 3 April 2017, 30 April 2017, 24 May 2017 & 30 June 2017 and the incorporation of the revaluation surplus/(deficit) arising from the revaluation in the fourth quarter unaudited financial results of Kwantas for the financial year ended 30 June 2017. 2. PURPOSE The Revaluation was carried out to reflect the fair value of the Kwantas Group’s land, buildings and biological assets in the financial statement of the Kwantas Group for the financial year ended 30 June 2017. This Revaluation is in compliance with Malaysia Financial Reporting Standard 116 (“FRS 116”) and Financial Reporting Standards Implementation Committee (“FRSIC”) Consensus 12. 3. DETAILS OF THE REVALUATION The details of the Revaluation as at 30 June 2017 are as follows: Revaluation (Deficit)/Surplus, Date of last Total Net Book Net of Deferred Revaluation/ No. Description of Property Valuation Value Taxation Acquisition RM ‘000 RM ‘000 RM ‘000 1. Agriculture land held under CL095317196 situated at 287,690 305,797 (18,887) 30 June 2016 Lamag, District of Kinabatangan, Sabah 2. Agriculture land held under PL096290069 situated at Koyah Locality, Off KM39, Jln Lahad Datu-Sandakan, District of 96,870 91,362 5,247 30 June 2016 Kinabatangan, Sabah 3. CL 095318504 CL 095318513 CL 095318522 CL 095318531 CL 095318540 CL 095318559 Sg Pin Locality, KM 50, Jln Lahad Datu-Sandakan, District of Kinabatangan, Sabah 98,970 103,168 (4,513) 30 June 2016 4. CL115379336 situated at New Wharf Road, District of Lahad 40,000 39,545 345 30 June 2016 Datu, Sabah 5. Agriculture land held under CL095319065 situated at 17,580 19,324 (1,493) 30 June 2016 District of Kinabatangan, Sabah 6. Agriculture land held under CL095317007 situated at 13,180 13,544 (394) 30 June 2016 District of Kinabatangan, Sabah 7. Agriculture land held under CL095316395 situated at Sg. Kinabatangan, District of 124,490 125,214 (798) 30 June 2016 Kinabatangan, Sabah 8. Agriculture land held under CL095327147 situated at Kinabatangan Locality, Off KM50, Jln Lahad Datu- 90,850 95,598 (4,901) 30 June 2016 Sandakan, District of Kinabatangan, Sabah 4. Revaluation 5. (Deficit)/Surplus, Date of last 6. Total Net Book Net of Deferred Revaluation/ No. 7. Description of Property Valuation Value Taxation Acquisition RM ‘000 RM ‘000 RM ‘000 9. CL 115311138 situated at Mile 2 1/2, Jln Kastam Baru, District 11,950 11,558 298 30 June 2016 of Lahad Datu, Sabah 10. Ladang Pintasan 4 situated at Latangan Locality, District of 86,770 94,643 (8,081) 30 June 2016 Kinabatangan, Sabah 11. Ladang Pintasan 5 situated at Latangan Locality, District of 121,680 120,495 954 30 June 2016 Kinabatangan, Sabah 12. Ladang Pintasan 6 situated at Latangan Locality, District of 43,880 44,698 (922) 30 June 2016 Kinabatangan, Sabah 13. Ladang Pintasan 7 situated at Latangan Locality, District of 135,390 129,517 5,613 30 June 2016 Kinabatangan, Sabah 14. Ladang Pintasan 9 situated at Sg. Lamag/Sg. Kinabatangan, 68,970 68,102 880 30 June 2016 District of Kinabatangan, Sabah 15. Ladang Sg. Koyah situated at Koyah Locality, District of 1,360 1,519 (159) 30 June 2016 Kinabatangan, Sabah 16. Ladang Haranky 2 situated at Ulu Segama, Jln Lahad Datu- Sandakan, District of 9,630 10,181 (572) 30 June 2016 Kinabatangan, Sabah 17. KM28&30 situated at Jln Lahad Datu, Sabah 530 524 5 30 June 2016 18. Koyah Lands situated at Koyah Locality, District of 3,330 2,643 681 30 June 2016 Kinabatangan, Sabah 19. Agriculture land held under CL115414161 situated at 12,470 12,221 230 30 June 2016 KM14.5 Jln Lahad Datu, Sabah 20. Agriculture land held under CL095330000 situated at 16,580 17,055 (503) 30 June 2016 Ladang Bikasjaya Revaluation (Deficit)/Surplus, Date of last Total Net Book Net of Deferred Revaluation/ No. Description of Property Valuation Value Taxation Acquisition RM ‘000 RM ‘000 RM ‘000 21. Title: (2002) No.1 situated at No. 15, Jinqiao Road, Title: C6073342 situated at No. 68, Baojin Road & Title: 22,082 23,017 (935) 30 June 2016 (2003) No. 92 situated at No. BSQ-F2, Guangzhou Free Trade Zone, Guangzhou, China 22. Title: (2009) No. 380018 situated at No.15, Beijing Road(s), Jiangsu Yangtze River 15,739 13,321 2,169 30 June 2016 International Chemical Industrial Park, Zhangjiagang, China 23. Agriculture land held under Lot 14-19 situated at Buloh 81,600 80,033 1,191 30 June 2016 Land, Ulu Balingian, Sarawak & Lot 26-28 situated at Arip Land, Ulu Balingian, Sarawak 24. Agriculture land held under Lot 2, Block 204 situated at 43,943 43,548 300 30 June 2016 Oya- Dalat LD, Mukah, Sarawak 25. Agriculture land held under Desa Manamang Kanan & Kiri, situated at Kecamatan 65,259 32,967 32,293 30 June 2016 Muarakaman Kutai Kartanegara, Kalimantan Timur, Indonesia 26. Agriculture land held under Native Customary Rights on 17,860 19,904 (2,044) 30 June 2016 Ulu Balingian situated at Mukah Division, Sibu 4. EFFECTS ON NET ASSETS PER SHARE Based on the fourth quarter unaudited financial results of Kwantas for the financial year ended 30 June 2017, the net assets per share of Kwantas Group will be increased by 0.05 sen to RM4.07 upon incorporation of the Revaluation surplus, net of deferred tax. Unaudited as at 30 Effect of the After the June 2017 Before Revaluation Revaluation Revaluation Net Assets/Shareholders’ Fund (RM’000) 1,254,459 14,724 1,269,183 No. of shares outstanding (‘000) 311,678 311,678 311,678 NA per share (sen) 4.02 0.05 4.07 *Revaluation surplus net of deferred tax. 5. DOCUMENTS AVAILABLE FOR INSPECTION The valuation reports are available for inspection at the registered office of Kwantas at K-63A-3A, Signature Office, KK Times Square, Off Coastal Highway, 88100 Kota Kinabalu during normal office hours from Monday to Friday (except for public holidays) for a period of 3 months from the date of this announcement. This announcement is dated 30th August 2017. .