We refer to our announcements dated 30 April 2021 and 5 May 2021 (Ref. No.:GA1-05052021-00123) on the above.
Unless otherwise stated, the defined terms used herein shall have the same meaning as the announcements dated 30 April 2021 and 5 May 2021.
We wish to clarify that the information provided with regards to the Proposed Acquisition of MSM Perlis under Item A and D of the announcement dated 5 May 2021 were erroneous.
Therefore, Item A and D in the attachment to the announcement dated 5 May 2021 should be read as follows:
A. 8 parcels of land in Chuping, Perlis
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Land title, tenure, land area, category of land use, express condition, encumbrances, restriction in interest
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See Appendix 1
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Existing use
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Rubber and oil palm plantation known as “Ladang Chuping”
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Age of the buildings
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The buildings located on Ladang Chuping which include an agriculture complex, housing complex site and agriculture research division, kindergarten, canteen clinic and guard post are approximately 47 years old (built in the 1973)
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Maturity of the trees
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The age profile of the rubber trees and oil palm as at the date of the Valuation Report are as follows:
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Year of Planting
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Age
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Planted Area
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Hectares
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%
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Rubber
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2011
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9
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45.69
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1.52
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2012
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8
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939.23
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31.17
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2013
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7
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1,315.74
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43.67
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2014
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6
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641.82
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21.30
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2015
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5
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70.30
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2.34
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Sub-total
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3,012.78
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100.00
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Oil Palm
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2000
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20
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5.88
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5.55
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2011
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9
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100.01
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94.45
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Sub-total
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105.89
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100.00
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Production for the past 3 years
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Rubber
No latex yield production record is available as there is no major tapping of the rubber trees carried out within the subject property. The cup lump being produced in Phase/Year 2011 are as follows:
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Year
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Weight (kg/wet)
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2020
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Nil
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2019
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20,623
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2018
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34,711
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2017 (September to December)
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11,555
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Oil palm
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Year of Planting
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Yield (MT/HA)
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FYE 2020
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FYE 2018
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FYE 2017
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2000
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Nil
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20.13
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22.50
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2011
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Nil
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22.80
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24.53
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Net book value
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8 parcels of land
RM78.63 million based on the audited accounts for the financial year ended 31 December 2020
Building, infrastructure and office equipment
RM3.02 million based on the audited accounts for the financial year ended 31 December 2020
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Market value
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RM168,000,000.00 based on the valuation ascribed by the Independent Valuer on 18 November 2020 for existing land usage. The valuation was carried out using the comparison approach as the main valuation methodology and the income approach as the secondary approach and check.
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Original cost of investment
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8 parcels of land
RM98.71 million
Building, infrastructure and office equipment
RM7.53 million
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Date of acquisition
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21 May 2011
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D. 1 parcel of industrial land with a sugar refinery factory in Chuping, Perlis
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Land title, tenure, land area, category of land use, express condition, encumbrances, restriction in interest
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See Appendix 1
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Existing use
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Previously used as a sugar refinery factory which has ceased operation since June 2020
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Age of the buildings
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Approximately 50 years old
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Net book value
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RM7.77 million based on the audited accounts for the financial year ended 31 December 2020
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Market value
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RM21,200,000.00 based on the valuation ascribed by the Independent Valuer on 18 November 2020. The valuation is carried out using the cost method of valuation. In this method, the land is valued using the comparison approach and the building is valued based on the construction cost of a new similar building after an allowance of obsolescence is taken into consideration due to the current physical and economic condition of the subject building.
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Original cost of investment
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RM9.47 million
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Date of acquisition
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20 February 1972
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Save for the abovementioned amendments highlighted in bold, all other information in the announcement dated 30 April 2021 and 5 May 2021 remains valid and unchanged.
This announcement is dated 6 May 2021.