Announcements

Date : 29 February 2012

OTHERS PROGRESSIVE IMPACT CORPORATION BERHAD ("PICORP" or "the Company") Revaluation in compliance with Financial Reporting Standard 140

PROGRESSIVE IMPACT CORPORATION BERHAD

TypeAnnouncement
SubjectOTHERS
DescriptionPROGRESSIVE IMPACT CORPORATION BERHAD ("PICORP" or "the Company")
Revaluation in compliance with Financial Reporting Standard 140
1. Introduction
      The Board of Directors of PICORP wishes to announce that the Board has today approved the incorporation of the net gain arising from fair value adjustment of the investment property of the Company (hereinafter “Investment Property”) in the consolidated financial statements for the year ended 31 December 2011.

      Details of the Investment Property are appended below.

      Title/Location
      Description/Existing Use
      H.S.(D) 142756 Lot PT No. 17701 known as No. 21 Jalan Astaka U8/84, Bukit Jelutong Business & Technology Centre, 40150 Shah Alam, Selangor Darul Ehsan1 unit of semi-D factory building/Office area/warehouse (Freehold)

      An amount of RM227,749 representing the net gain from fair value adjustment of the Investment Property is reflected as Other Income in the Statement of Comprehensive Income.

2. Purpose of Valuation
      The valuation is carried out pursuant to the Group’s accounting policy and is in compliance with the Financial Reporting Standard (“FRS”) 140 RE: Investment Property.

3. Amount of increase in value
      The net gain arising from fair value adjustment of the Investment Property is RM227,749.

4. Effects of the Valuation
      The recognition of the net gain arising from fair value adjustment of the Investment Property will have no effect on the net assets per share but an increase of 0.01 sen in the earnings per share of PICORP Group for the financial year ended 31 December 2011.
5. Date of valuation

The valuation was done on 5th December 2011.

6. Name of valuer
      The valuation was done by an independent valuer Messrs Jones Lang Wootton.

7. Value placed on the Investment Property

The fair value placed on the Investment Property is RM5,209,266

Announcement Info

Company NamePROGRESSIVE IMPACT CORPORATION BERHAD  
Stock Name PICORP    
Date Announced29 Feb 2012  
CategoryGeneral Announcement
Reference NoCU-120229-64774