1.0       INTRODUCTION

Pursuant to Paragraph 9.19(46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Encorp wishes to announce that Encorp had appointed the following independent professional valuers to undertake the revaluation exercise on properties held by Encorp Group:

• IM Global Property Consultants Sdn. Bhd. undertakes the valuation exercise on the properties as detailed under items 3.0(a) and 3(b) below; and
• Knight Frank Malaysia Sdn. Bhd. undertakes the valuation exercise on the properties as detailed under items 3.0(c) below.

(IM Global Property Consultants Sdn. Bhd. and Knight Frank Malaysia Sdn. Bhd. are referred to as “Valuers”).

The Board had on 28 February 2024 approved the valuation reports from the Valuers and the incorporation of the revaluation gain arising from the revaluation of investment properties in the fourth quarter unaudited financial results of Encorp for the year ended 31 December 2023.

 2.0       PURPOSE OF THE REVALUATION

The purpose of the revaluation exercise is to ascertain the fair value of the properties in accordance with MFRS 140.

3.0       REVALUATION GAIN

The details of the revaluation arising from the properties revaluation exercise are set out below:

4.0       DATE OF VALUATION

The properties as detailed under items 3.0(a)-3.0(c) have been valued as of 31 December 2023.

 5.0       EFFECT ON NET ASSETS PER SHARE

The recognition of the revaluation gain of RM3.8 million has resulted in an increase in net assets per share attributable to parent of the Group from RM1.03 to RM1.04 for the financial year ended 31 December 2023.

 6.0       DOCUMENTS AVAILABLE FOR INSPECTION

The valuation reports are available for inspection at the registered office of the Company at No. 40-3 (03A), Jalan PJU 5/22, Pusat Perdagangan Kota Damansara, Kota Damansara PJU 5, 47810 Petaling Jaya, Selangor Darul Ehsan during normal business hours from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement.

This announcement is dated 28 February 2024