MITRAJAYA HOLDINGS BERHAD - Announcements

Independent Advice Letter to the Shareholders
of Mitrajaya Holdings Berhad
Valuation of 40% equity interest to be acquired pursuant to the Proposed GPIL
Acquisition
The estimation of the revaluation reserve on landed properties of Samitra is
derived as follows:-
Reference Rand’000
Ten (10) completed show-houses, separately
registered on freehold stands (Note 1)
Completed 18-hole Gary Player designed golf
Table A
N/A
course
Table A
2,400
Total value of unsold vacant land as per cash flow Table A 93,200
Total estimated value of land I 95,600
Land cost as at 8 February 2001 (Note 2) II 2,877
Estimated gross revaluation reserve III = I – II 92,723
Less : Deferred tax on revaluation reserve at 30%* IV = III x 30% 27,817
Estimated net revaluation reserve
Profit on sale of ten (10) completed [after tax]
V = III - IV 64,906
(Note1)
Adjusted Audited NTA of Samitra at 31 December
VI
1,260
2000 (Note 3)
VII
3,917
RNAV of Samitra VIII = V + VI +VII 70,083
Equity interest to be acquired at 40% VIII x 40% 28,033
* Corporate tax rate of South Africa. The deferred tax has been provided for as the properties are
expected to be sold in the foreseeable future.
Note 1 : The ten (10) completed show-houses, separately registered on freehold stands have been
excluded from the estimation of the revaluation reserve because, as represented by the
management of Samitra, the ten (10) show-houses have been disposed of to a related
company subsequent to the financial year end but before 8 February 2001 (the material
date of valuation). The effect of the ten (10) completed show-houses on the valuation of
Samitra is to the extent of profit recognised on sale of the same. The profit recognised on
sale (after tax), based on the management accounts of Samitra for the financial period up
to 8 February 2001, is approximately Rand1,260,000.
Note 2 : The land cost as at 8 February 2001 is provided by the management of Samitra and based
on representation by the same, the land cost for the 18-hole Gary Player designed golf
course and the unsold vacant land has not been subject to any material change up to the
date of the Valuation Report of 28 February 2001 (the material date of valuation of which
was 8 February 2001).
Note 3 : The Adjusted Audited NTA has been arrived at by deducting the Preference Share and
the attributable Share Premium Reserve arising from the issue of preference share of
Rand1 and Rand15,249,549 respectively, from the audited NTA of Samitra as the
preference share was issued solely to GPIL, and hence the attributable Share Premium
Reserve is not distributable to the minority shareholder.
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