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Notes to the Financial Statements (cont’d)
For the financial year ended 31 December 2011
15. Property, plant and equipment (cont’d)
Group
Freehold land and buildings owned by the Group were revalued in 2010 by the directors based on valuation carried out by
firms of professional valuers as follows.
Valuer
Date of
valuation
Description of
property
Valuation
amount Basis of valuation
RM’000
(i) Ooi Hsien Yu, 2 Dec 2010 Office lots in 4,550 Open market value
MRICS, MISM Kuala Lumpur
Registered Valuer
(ii) Tay Tam, FISM 2 Dec 2010 Vacant land in Juru 200 Open market value
Registered Valuer
2 Dec 2010 80 units flats in Bukit 4,000 Open market value
Mertajam
2 Dec 2010 Land and Tin Smelting 26,073 Depreciated
industrial complex in replacement cost
Butterworth
2 Dec 2010 Land and buildings 317 Depreciated
in Daerah Hulu Perak replacement cost
(iii) Ir Antonius Setiady, 1 Dec 2010 Buildings in Koba, 1,915 Depreciated
SCV, MAPPI (Cert) Bangka Island replacement cost
Public Valuer,
Registered Valuer 1 Dec 2010 Buildings in Pangkal 321 Depreciated
Pinang, Bangka Island replacement cost
1 Dec 2010 Buildings in Air 1,189 Depreciated
Kantung, Bangka
Island
38,565
replacement cost
Had the revalued properties been carried at historical cost less accumulated depreciation and impairment losses, the net
book value of each class of the properties that would have been included in the financial statements of the Group and of the
Company as at 31 December 2011 would be as follows:
Group Company
2011 2010 2011 2010
RM’000 RM’000 RM’000 RM’000
Freehold land 9,339 9,462 – 123
Buildings 10,745 10,464 6,288 6,490
MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 117