2.2 BASIS OF AND JUSTIFICATION FOR ARRIVING AT THE DISPOSAL CONSIDERATION

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1 PAN MALAYSIAN INDUSTRIES BERHAD ("PMI" OR "COMPANY") PROPOSED DISPOSAL BY FAIRWAY PROPERTIES SDN BHD, A WHOLLY OWNED SUBSIDIARY OF PMI, OF ALL THAT PIECE AND PARCEL OF FREEHOLD LAND KNOWN AS LOT NO. 1161, SEKSYEN 0057, TOWN AND DISTRICT OF KUALA LUMPUR, STATE OF WILAYAH PERSEKUTUAN KUALA LUMPUR COMPRISED IN GERAN NO TOGETHER WITH THE FIFTEEN (15) STOREY OFFICE BUILDING ERECTED THEREON KNOWN AS MENARA PMI, BEARING THE POSTAL ADDRESS NO. 2, JALAN CHANGKAT CEYLON, KUALA LUMPUR TO ADMIRAL GATEWAY SDN BHD FOR A TOTAL CASH CONSIDERATION OF RM60.0 MILLION ( PROPOSED DISPOSAL ) 1. INTRODUCTION AFFIN Investment Bank Berhad ( AFFIN Investment ), on behalf of the Board of Directors of PMI (the Board ), wishes to announce that its wholly-owned subsidiary company, Fairway Properties Sdn Bhd ( Fairway or the Vendor ), had entered into a sale and purchase agreement ( SPA ) dated 16 May 2013 with Admiral Gateway Sdn Bhd ( Admiral or the Purchaser ) for the sale to the Purchaser of all that piece and parcel of freehold land known as Lot No. 1161, Seksyen 0057, Town and District of Kuala Lumpur, State of Wilayah Persekutuan Kuala Lumpur comprised in Geran No ( Land ), together with the fifteen (15) storey office building with an additional two (2)-level basement car park (comprising of 87 car parking bays) erected thereon known as Menara PMI ( Building ), bearing the postal address of No. 2, Jalan Changkat Ceylon, Kuala Lumpur (collectively referred to as the Property ) for a total cash consideration of RM60.0 million ( Disposal Consideration ). Fairway was incorporated in Malaysia on 9 July 1993 under the Companies Act, 1965 ( Act ) as a private limited company and its principal activities are property investment and management. Further details of the Proposed Disposal including the salient terms and conditions of the SPA are set out in the ensuing sections. Fairway and Admiral shall collectively be referred to as the Parties and individually as a Party. 2. THE PROPOSED DISPOSAL 2.1 DETAILS OF THE PROPOSED DISPOSAL The Vendor shall dispose of the Property together with all fixtures and fittings annexed and attached thereto, free of encumbrances but subject to all existing conditions of title and restrictions in interest and the existing category of land use, express or implied, relating to or affecting the Property and also subject to all tenancies at the Property, on an as is where is basis, for the Disposal Consideration, and on the terms and subject to the conditions contained in the SPA. The Property comprises the Land which measures approximately 2,459 square metres ( sq mt ) in total area and the Building with an additional two (2)-level basement car park comprising of a total of 87 car parking bays measuring a total gross floor area of approximately 15,991 sq mt. Further information on the Property is set out in Appendix 1 herein. 2.2 BASIS OF AND JUSTIFICATION FOR ARRIVING AT THE DISPOSAL CONSIDERATION The Disposal Consideration was arrived at on a willing-buyer willing-seller basis after taking into consideration the market value of the Property of RM55.0 million as apprised by Burgess Rawson (NS) Sdn Bhd vide their valuation report on the Property dated 2 April 2013 ( Valuation Report ). The Disposal Consideration represents a premium of 9.09% to the market value. The valuation for the Property had been carried out by using comparison method, as follows:- Description Method of valuation Market value (RM mil) Land Comparison method 30.0 Building Comparison method 25.0 Total

2 2.3 OTHER SALIENT TERMS OF THE SPA Disposal Consideration The Disposal Consideration shall be paid by the Purchaser to the Vendor in the following manner:- (c) an earnest deposit of RM1.2 million, being 2% of the Disposal Consideration, had been paid by the Purchaser on 25 March 2013 ( Earnest Deposit ); the balance deposit of RM4.8 million, being 8% of the Disposal Consideration, has been paid by the Purchaser upon its execution of the SPA ( Balance Deposit ); and the balance Disposal Consideration of RM54.0 million, being 90% of the Disposal Consideration, shall be paid by the Purchaser on or before the Completion Date (as defined in Section below) ( Balance Disposal Consideration ). The Earnest Deposit and the Balance Deposit shall collectively be referred to as the Deposit The Conditions Precedent The Proposed Disposal is conditional upon the fulfillment of the following conditions precedent ( Conditions ) within three (3) months from the date of the SPA or such other date as the Parties may mutually agree in writing ( Conditions Satisfaction Period ):- (c) PMI obtaining its directors and shareholders approvals for the Proposed Disposal, the latter to be obtained at an extraordinary general meeting ( EGM ) of PMI to be convened; the Vendor obtaining its directors and shareholders approvals for the Proposed Disposal; and such other approvals, consents, exemptions and/or waivers required for the sale and transfer of the Property, being duly and validly obtained on terms and conditions acceptable to the Vendor and/or PMI (as the case may be) at its/their sole and absolute discretion. In the event that any Conditions have not been satisfied by or before the expiry of the Conditions Satisfaction Period, the Parties shall mutually agree on a later, interest free, extended period by which the Conditions may be fulfilled. If the Parties fail to mutually agree on such later, interest free, extended period by which the Conditions may be fulfilled, each of the Parties shall be entitled to terminate the SPA by prior written notice to the other. In the event of such termination, the SPA shall lapse and be deemed to be null and void and of no effect. The Vendor shall refund to the Purchaser the Deposit free of interest, and thereafter none of the Parties shall have any claim against the other Party. Where such failure to fulfill the Conditions and consequent termination is not due to reasons attributable to the Purchaser, the Vendor shall refund to the Purchaser the Deposit free of interest Completion The completion of the SPA shall take place on or before the expiration of three (3) months from the date the Purchaser solicitors receipt of written confirmation from the Vendor s solicitors that the Conditions are fulfilled ( Conditions Satisfaction Date ) subject to an automatic extension of one (1) month only, provided that the Purchaser shall pay the Vendor interest rate of 8% per annum on the Balance Disposal Consideration or any part thereof which remains outstanding as at the completion date, calculated on a daily basis from the date falling immediately after the completion date until the date of full payment of the Balance Disposal Consideration ( Interest Charge Period ) ( Completion Date ). 2

3 The completion of the SPA shall take place upon the Purchaser obtaining the Vendor s chargee, being a financial institution ( Chargee ) to undertake to deliver the completion documents and the payment of the Balance Disposal Consideration to the Vendor, which sum shall only be deemed paid upon the Vendor s or the Chargee s or the Vendor s solicitors receipt of a bank draft for the Balance Disposal Consideration from the Purchaser and/or the Purchaser s financier should the Purchaser obtain a loan (as the case may be) to enable the Purchaser to complete the purchase of the Property from the Vendor. In the event the Purchaser and/or the Purchaser s financier should delay, fail or omit to fully pay or cause to be paid any moneys (or part thereof) payable by the Purchaser to the Vendor as at the Completion Date, the Purchaser will be subject to the Interest Charge Period Real Property Gain Tax ( RPGT ) The Parties agree that unless otherwise required by the Director General of Inland Revenue ( DGIR ) and/or under the provisions of the RPGT Act 1976, the Vendor s solicitors are authorised to retain an appropriate sum from the Disposal Consideration ( Retention Sum ) for the purpose of payment of any RPGT by the Vendor in relation to the disposal and sale of the Property to the Purchaser, and the Vendor s solicitors are authorised to pay the Retention Sum in the manner directed by the DGIR upon their receipt of the relevant notice of assessment in order to procure the Certificate of Clearance. In the event that the Retention Sum is insufficient to pay for the RPGT, the Vendor shall upon being notified pay the necessary difference to the DGIR, or in the event that no RPGT is assessed to be payable by the Vendor or in the event that there is an excess sum remaining after payment of the RPGT by the Vendor, the Vendor s solicitors are hereby authorised and shall refund the Retention Sum or any such excess (as the case may be) to the Vendor Termination In the event that:- (c) (d) the Purchaser breaches or fails to fully perform any of its responsibilities or obligations under the SPA or fails to complete the purchase of the Property pursuant to the terms of the SPA; or the Purchaser fails to fully pay the entire Disposal Consideration or any part thereof and/or any other moneys payable by it pursuant to the provisions of the SPA within the relevant timeline(s) specified therein; or any of the Purchaser s representations and/or warranties should be incorrect, untrue or misleading; or the charge created over the Property by the Purchaser in favour of its financier is not registered and the Purchaser fails to complete its purchase of the Property, the Vendor shall be entitled, in addition to and without prejudice to any and all other rights and remedies available to it at law:- to the relief of specific performance of the SPA and/or damages; or to, in the event that such breach has not been rectified to the satisfaction of the Vendor within ten (10) business days from the date of a notice of intention to terminate by the Vendor to the Purchaser containing details of such breach, forthwith terminate the SPA whereupon, inter alia, the following consequences shall ensue:- (i) the Vendor shall be immediately entitled to forfeit the entire Deposit if already paid to the Vendor as well as all such interest which may have accrued on the Deposit; 3

4 (ii) (iii) (vi) the Vendor shall refund to the Purchaser and/or the Purchaser s financier (as the case may be) the Balance Disposal Consideration or such part(s) thereof which has/have at such point in time already been paid to the Vendor free of interest; the Vendor shall be entitled to sell the Property to any third party(ies) without any further reference to the Purchaser; and thereafter the SPA shall be null and void and of no further effect and the Parties shall have no further claims against each other in respect of anything arising from or in connection with the SPA. In the event that:- the Vendor fails to perform its obligations under or complete the sale of the Property other than by reason of delay or default by the Purchaser or its financier, pursuant to the terms of the SPA; or any of the Vendor s representations and/or warranties should be incorrect, untrue or misleading, the Purchaser shall be entitled, in addition to and without prejudice to any and all other rights and remedies available to it at law:- to the relief of specific performance of the SPA and/or damages; or to, in the event that such breach has not been rectified to the reasonable satisfaction of the Purchaser within ten (10) business days from the date of the Vendor s receipt of a notice of intention to terminate from the Purchaser containing details of such breach, forthwith terminate the SPA whereupon, inter alia, the following consequences shall ensue:- (i) (ii) (iii) the Vendor shall refund the entire Earnest Deposit, the Balance Deposit and the difference between the Balance Disposal Consideration and the loan (i.e. the loan or other facility obtained by the Purchaser from its financier to enable the Purchaser to complete its purchase of the Property from the Vendor) if already been paid, free of interest; the Vendor shall be entitled to sell the Property to any third party(ies) without any further reference to the Purchaser; and thereafter the SPA shall be null and void and of no further effect and the Parties shall have no further claims against each other in respect of anything arising from or in connection with the SPA. 2.4 LIABILITIES TO BE ASSUMED PURSUANT TO THE PROPOSED DISPOSAL There are no liabilities, including contingent liabilities and guarantees, to be assumed by Admiral arising from the Proposed Disposal. 3. ORIGINAL COST AND DATE OF INVESTMENT The original cost and dates of investment in respect of the Property are as follows:- Description Cost of Investment Date of Investment Land RM13.0 million 13 March 2008 Building RM26.0 million 13 March

5 4. BACKGROUND INFORMATION ON ADMIRAL Admiral was incorporated in Malaysia on 26 March 2013 under the Act as a private limited company. Admiral is principally engaged in general trading, land and property investment and investment holdings. As at the date of this announcement, the authorised share capital of Admiral is RM100,000 comprising 100,000 ordinary shares of RM1.00 each, of which RM100 comprising 100 ordinary shares of RM1.00 each have been issued and fully paid-up. The shareholders of Admiral are Ong Kah Hoe, Ong Kim Ong Hwee Choo, Tham Kin Leong and Tham Kin Yee. Ong Kah Hoe and Ong Kim Ong Hwee Choo are also the shareholders of OCR Land Holdings Sdn Bhd ( OCR Land ). The directors of Admiral are Yee Mei Yoke, Liew Wei Kin, Ong Kah Hoe and Ong Kim Ong Hwee Choo. Ong Kah Hoe is also the director of OCR Land. OCR Land was incorporated in Malaysia on 18 April 1989 under the Act as a private limited company under the name of Ong Chong Realty Sdn Bhd. It subsequently changed its name on 30 January 2013 to OCR Land Holdings Sdn Bhd. OCR Land is principally engaged in property development and investment with issued and paid-up share capital of RM7,000,000 comprising 7,000,000 ordinary shares of RM1.00 each. 5. PROPOSED UTILISATION OF THE DISPOSAL CONSIDERATION The gross proceeds from the Proposed Disposal amounting to RM60.0 million is intended to be utilised as follows:- Amount of Proceeds Proposed Utilisation RM 000 % Expected Utilisation Period (i) Repayment of bank borrowings 45, Within 6 months from the Completion Date (ii) Working capital 5, Within 12 months from the Completion Date (iii) Tenancy deposits and prepaid rental 9, Within 6 months from the Completion Date (iv) Estimated expenses 1, Within 6 months from the Completion Date Total proceeds 60, (i) Repayment of Bank Borrowings An amount of RM45.0 million, representing approximately 75.0% of the gross proceeds of the Proposed Disposal, will be utilised towards the repayment of the Group s outstanding bank borrowings, details of which are set out as follows:- Maturity Interest Rate (%) Amount to be repaid (RM 000) July ,700 July ,500 July ,600 July ,950 September ,400 September ,000 September ,425 September ,425 Total 45,000 5

6 (ii) Working Capital An amount of RM5.0 million, representing approximately 8.3% of the gross proceeds of the Proposed Disposal, will be utilised to finance PMI s and its subsidiary companies (collectively PMI Group or Group ) day-to-day operations, including but not limited to, payment of interests costs and defrayment of operational expenses such as payment to creditors. (iii) Tenancy deposits and prepaid rental An amount of RM9.0 million, representing approximately 15% of the gross proceeds of the Proposed Disposal, will be utilised to pay tenancy deposits of approximately RM1.1 million and prepaid rental sums of RM7.9 million to the Purchaser and the tenants of Menara PMI, respectively, upon completion of the Proposed Disposal. (iv) Estimated Expenses An amount of RM1.0 million, representing approximately 1.7% of the gross proceeds of the Proposed Disposal, will be utilised to pay estimated expenses and fees incidental to the Proposed Disposal as set out below:- Estimated Expenses RM 000 Professional fees 600 Fees to authorities 20 Printing and despatch costs 380 Total 1,000 Note: These include the fees for, amongst others, the Adviser, Independent Valuers, Reporting Accountants, Solicitors and other professional advisers. 6. RATIONALE FOR THE PROPOSED DISPOSAL Based on the latest audited consolidated financial statement of the Group as at 31 March 2012, the Group has a total bank borrowings of RM million, out of which RM45.0 million is due for repayment in July 2013 and September The primary purpose of the Proposed Disposal is to raise cash to enable the Group to pare down its debt obligation. The settlement of the Group s outstanding bank borrowings of approximately RM45.0 million will improve the Group s gearing level from 5.54 times to 2.11 times based on the Company s latest available audited consolidated financial position as at 31 March In the event the Property is not disposed of, the Company may not, ceteris paribus, be able to settle its borrowings of RM45.0 million when repayment thereof is due in July 2013 and September In such an event, the Company will default in its payments of principal and interest and will consequently trigger Practice Note ( PN ) 1 and PN 17 of Bursa Malaysia Securities Berhad s ( Bursa Securities ) Main Market Listing Requirement ( Listing Requirements ). In addition, the Proposed Disposal will also provide an opportunity for the Group to unlock the value of its Property at above the market value as set out in Section 2.2 herein. 6

7 7. EFFECTS OF THE PROPOSED DISPOSAL 7.1 SHARE CAPITAL AND SUBSTANTIAL SHAREHOLDERS SHAREHOLDING The Proposed Disposal will not have any effect on the issued and paid-up share capital and substantial shareholders shareholdings of PMI as it does not involve any issuance of securities by PMI. 7.2 NA AND GEARING Based on the latest available audited consolidated financial statements of PMI as at 31 March 2012, the proforma effects of the Proposed Disposal based on the Disposal Consideration on PMI s consolidated NA are as set out below:- FYE 31 March 2012 (Audited) (RM 000) After the Proposed Disposal (RM 000) Share capital 63,163 63,163 Other reserves 13,145 13,145 Accumulated losses (51,906) (1) (33,586) Total shareholders fund/na 24,402 42,722 No. of ordinary shares of RM0.05 each issued in PMI ( PMI Shares ) ( 000) 1,263,261 1,263,261 NA per share (sen) Total borrowings 135,254 (2) 90,254 Gearing (times) Notes: (1) Taking into account the one-off expected gain on disposal of approximately RM19.32 million (after deducting tax effect of approximately RM1.95 million) and estimated expenses of RM1.0 million in relation to the Proposed Disposal. (2) After repayment of bank borrowings of RM45.0 million from the proceeds arising from the Proposed Disposal. 7.3 EARNINGS The Proposed Disposal based on the Disposal Consideration is expected to result in a one-off expected gain on disposal of approximately RM19.32 million (after deducting tax effect of approximately RM1.95 million) or equivalent to approximately 1.53 sen per PMI Share. However, the expected gain arising from the Proposed Disposal will depend on the net book value ( NBV ) of the Property at the time of completion of the Proposed Disposal. For illustrative purposes, based on the proforma consolidated loss after tax of PMI for FYE 31 March 2012 of RM341,000 and on the assumption that the Proposed Disposal had been effected on that date, the Proposed Disposal will give rise to after tax profit of PMI of approximately RM17.98 million (after taking into account the one-off expected gain on disposal of approximately RM19.32 million and estimated expenses of RM1.0 million), which translates to a proforma earnings per PMI Share of approximately 1.42 sen. Immediately upon completion of the Proposed Disposal, PMI will not have any income generating asset. 7

8 8. COMPLETION RISK FACTORS (i) Completion risks Completion of the Proposed Disposal will be conditional upon the Conditions in the SPA being satisfied and/or waived, as the case may be, inter-alia the approvals from the relevant parties and shareholders of PMI. There is no assurance that such approvals and/or conditions will be obtained and/or satisfied. Notwithstanding this, PMI will take all reasonable steps to ensure the satisfaction of the Conditions to ensure completion of the Proposed Disposal. (ii) Sustainability of PMI s revenue post the Proposed Disposal The PMI Group is primarily involved in investment holding, property investment and management. The Property is currently the sole contributor to the recurring revenue for the Group. Accordingly, subsequent to the completion of the Proposed Disposal, the Group will not have any assets that will be able to generate recurring revenue for the Group. After the completion of the Proposed Disposal, the remaining primary assets of the Group shall be the freehold land located at Jalan Mayang, Kuala Lumpur and investment in its associate company, Malayan United Industries Berhad ( MUI ) of million shares representing approximately 13.23% as at the date of this announcement, which constitutes 5.48% and 71.55%, respectively of the total assets of the PMI Group as at 31 March The Property constitutes 21.15% of the total assets of the PMI Group as at 31 March The absence of recurring revenue to the Group may adversely affect the capability of the Group to fund its financial obligations, moving forward. In this respect, the Board will explore various opportunities and corporate proposals to enhance the financial position of the Group. 9. APPROVALS REQUIRED The Proposed Disposal is conditional upon, inter alia, the following approvals being obtained:- the approval of the shareholders of PMI at an EGM to be convened; and such other approvals, consents, exemptions and/or waivers of any governmental, regulatory or other authority, department, body or entity or any third party (including but not limited to any financial institutions) necessary to facilitate or enable the sale and transfer of the Property, where required. 10. PERCENTAGE RATIO APPLICABLE TO THE PROPOSED DISPOSAL PURSUANT TO PARAGRAPH 10.02(G) OF THE LISTING REQUIREMENTS The highest percentage ratio applicable to the Proposed Disposal pursuant to Paragraph (g) of the Listing Requirements of Bursa Securities is 245.9%, based on the latest audited consolidated financial statements of the Company for FYE 31 March DIRECTORS AND SUBSTANTIAL SHAREHOLDERS INTEREST None of the directors and/or substantial shareholders of PMI or persons connected to them have any interest, direct or indirect, in the Proposed Disposal. 8

9 12. DIRECTORS STATEMENT The Board, having considered all aspects of the Proposed Disposal including its rationale, the Disposal Consideration and the terms of the SPA as at the date of this announcement, is of the opinion that the Proposed Disposal is in the best interests of PMI and its shareholders. Accordingly, the Board will table the Proposed Disposal for the consideration of PMI s shareholders at the EGM to be convened. 13. ADVISER AFFIN Investment has been appointed as the Principal Adviser to the Company for the Proposed Disposal. 14. SUBMISSION TO THE AUTHORITIES AND ESTIMATED TIME FRAME FOR COMPLETION The application(s) to the relevant authorities for the Proposed Disposal, if any, are expected to be submitted by PMI within three (3) months from the date of this announcement. Barring any unforeseen circumstances and subject to all requisite approvals being obtained, the Proposed Disposal is expected to be completed by the end of DOCUMENTS AVAILABLE FOR INSPECTION The following documents will be made available for inspection at the registered office of the Company at Unit 3, 191, Jalan Ampang, 50450, Kuala Lumpur, during normal office hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement: (i) (ii) The SPA; The Valuation Report; and (iii) PMI s audited consolidated financial statements for the FYE 31 March This announcement is dated 16 May

10 APPENDIX 1 INFORMATION ON THE PROPERTY 1. Nature/ Description The Land is a rectangular shaped commercial land having an area of about 2,459 sq mt. The Land is generally flat, more or less fully built upon and lies below the levels of the frontage roads. Erected on the Land is a fifteen (15) storey office building with an additional two (2)-levels of basement car parks consisting of a total of 87 bays measuring a total gross floor area of approximately 15,991 sq mt. The Building was completed in accordance with the Building Layout Plans approved by the Dewan Bandaraya Kuala Lumpur and issued with a Certificate of Fitness for Occupation (No ) in Major parts of the interior were reconfigured in The accommodation of the Building is as follows: Lower basement : 50 car park bays, a lift lobby, suction pump room, suction tank, store and a partitioned room. Upper basement : 37 car park bays, a lift lobby, generator room, 2 fan rooms, consumer switch room, wet risers and pump room, sprinkler pump room and water tank. Ground floor : 3 separate shop areas, main lobby/entrance foyer, fire control room, 2 air handling unit ( AHU ) rooms, Tenaga National Berhad ( TNB ) sub-station, male and female toilets. Mezzanine floor : 3 separate office suites, lift lobby, 2 AHU rooms, male and female toilets. First and second floor : An office, a lift lobby, 2 AHU rooms, male and female toilets. Third floor : 2 separate offices, a lift lobby, 3 AHU rooms, male and female toilets. Fourth floor : An open plan office, a lift lobby, 2 AHU rooms, male and female toilets, air-conditioning plants room accommodating 3 cooling towers, water storage tank and sprinkler pump room. Fifth floor : 2 separate open plan offices, a lift lobby, male and female toilets and a lift motor room. Sixth floor : 2 separate open plan offices, a lift lobby, male and female toilets. Seventh floor: : 2 separate open plan offices, a lift lobby, male and female toilets. Eight to Eleventh : 2 separate open plan offices, a lift lobby, male and female floor toilets. Twelfth floor : 2 separate open plan offices, a lift lobby, male and female toilets and a lift motor room. Fourteenth floor (roof top) : 2 fan rooms, a maintenance room, lift motor room and water tank. 10

11 APPENDIX 1 2. Title, Land Area and Tenure of the Property Land Title/Lot No. : Geran No. 5573, Lot No. 1161, Seksyen 0057 Mukim District/State Town and District of Kuala Lumpur, State of Wilayah Persekutuan Kuala Lumpur Tenure : Freehold Land Area : 2,459 sq mt or approximately 26,468 square feet Land Use : Building Age of Building : Approximately 20 years Rental Income : RM253,037 per month Express Condition (i) This land must only be used as a site for a commercial building only. (Tanah ini hendaklah digunakan hanya untuk tapak bangunan perdagangan sahaja.) (ii) The development on this land must be in accordance with the Development Order issued by the Mayor of Kuala Lumpur. (Pembangunan diatas tanah ini hendaklah mematuhi Perintah Pembangunan yang dikeluarkan oleh Datuk Bandar, Kuala Lumpur.) 3. Building Lettable Space Amount of lettable space : 104,011 square feet Amount of lettable space available for letting : 7,468 square feet Occupancy of lettable space available for : 7% letting Percentage of occupancy : 93% 4. NBV Based on PMI s latest audited consolidated financial statements for FYE 31 March 2012, the NBV of the Land and Building is approximately RM13.0 million and RM25.73 million, respectively. 5. Encumbrances National Land Code charge in favour to a financial institution registered vide Presentation No /2012 on 7 November 2012, as security for banking facilities. 11