TANJONG PUBLIC LIMITED COMPANY ("Tanjong" or "the Company")

-           Revaluation of Menara Maxis for the financial year ended 31 January 2010

1.         INTRODUCTION

In compliance with Paragraph 9.19 (46) of Chapter 9 of the Main Market Listing Requirements of Bursa Securities, the Board of Directors of Tanjong is pleased to announce that a revaluation of Menara Maxis located at Jalan Ampang, Kuala Lumpur City Centre, which is owned by its 67% subsidiary Impian Klasik Sdn Bhd, was conducted on 31 January 2010. 

The revaluation was conducted by Messrs. Jones Lang Wootton, a Registered Valuer, using the open market existing use basis, to reflect its fair value of RM672 million and resulted in a surplus of RM22 million. The Group's share of the resulting surplus arising from the valuation is RM11.1 million, which has been credited to the Group Income Statement in accordance with IAS40 - Investment Property.

2.         PURPOSE

The revaluation has been performed in accordance with the ongoing assessment of the market value of Menara Maxis and the resulting fair value changes are appropriately reflected in the financial statements.

3.         EFFECT ON THE NET ASSETS PER SHARE

The effect on the net assets per share of Tanjong arising from the revaluation surplus is as follows: -

* Net surplus attributable to:     

RM'000

  Tanjong's shareholders 11,055

  Minority interest                         5,445

                                                16,500

4.         DOCUMENTS AVAILABLE FOR INSPECTION

The valuation report in relation to the revaluation of Menara Maxis is available for inspection at the Principal Office of Tanjong at Level 30, Menara Maxis, Kuala Lumpur City Centre, 50088 Kuala Lumpur, Malaysia from Mondays to Fridays (except public holidays) during normal office hours for a period of 3 months from the date of this announcement.

This announcement is dated 24 March 2010.