Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 05 Jan 2016
Category: General Announcement for PLC
Reference Number: GA1-05012016-00033
Type: Announcement
Subject: OTHERS
Description: PROPERTY DISPOSAL BY WHOLLY OWNED SUBSIDIARY
Further to our announcement dated 29 December 2015 (ref.: GA1-29122015-00077) and 31 December 2015 (ref.: GA1-31122015-00040), the Board of Directors of Kobay Technology Bhd. (“Kobay” or “the Company”) wishes to furnish additional information as listed below.
The disposal price of RM7 million (RM57 per square foot) was derived after taking into consideration the followings :
1) The value transacted for industrial properties in Ulu Kinta during the period 2012-2014 were ranging from RM34 to RM52 per square foot (source : Jabatan Penilaian dan Perkhidmatan Harta, Million Ringgit Property Deals, Volume 22, page 230 and Jabatan Penilaian dan Perkhidmatan Harta, 10 Million Ringgit Property Deals, Volume 7, page 28).
2) On 4 September 2004, the property was valued by Messrs CH Williams, Talhar & Wong with market value of RM4.3 million. The indicative price of RM7 million was obtained verbally from the said Valuers recently based on time adjustment basis conducted on the said Property, assuming the said Property is at the same condition as of 4 September 2004.
3) On 30 November 2013, the Company appointed Messrs Intra Harta Consultants (North) Sdn Bhd to conduct a sale by tender on the Property with reserved price of RM8 million. No response was received from the tender exercise.
This announcement is dated 5 January 2016.