PERAK-headquartered YNH Property Bhd aims to complete its independent review on the possibility of related party transactions (RPT) concerning joint ventures and turnkey contracts entered by the group during its financial year ended June 30 June, 2023 “as comprehensively and as soon as possible”.
The review was based on the request by the group’s independent auditor’s Messrs Baker Tilly Monteiro Heng PLT.
As the review has yet to be completed, the independent auditor has issued a qualified opinion on the said joint ventures and turnkey contracts on the group’s annual report and financial statement released yesterday (Oct 27).
In a media statement issued in tandem with its audit report filing to Bursa Malaysia, YNH highlighted that it has responded to all the queries made by the regulatory authorities regarding these joint ventures and turnkey contracts entered by the group.
YNH also said that the group intends to resolve this matter once and for all. As it remains committed to embracing high standards of corporate governance, the group has agreed to conduct the review on this compliance matter to the satisfaction of its independent auditors.
It added that the review will be conducted by an independent firm that is appointed at the sole discretion of the group’s audit committee. YNH will provide all the necessary information for the independent review which is to be completed within six months.
YNH also reiterated that apart from the qualified opinion due to the lack of time to complete the review of the joint ventures and turnkey contract, the independent auditor has given a true and fair view of the financial position of the group and of the company as of June 30, 2023 and of their financial performance and cash flow for the said financial period.
Notwithstanding the RPT concerns, YNH added that the qualified opinion will not have a direct impact on its financial performance for the year under review.
At the close of yesterday’s (Oct 27) trading, YNH was traded unchanged at RM5.10 with 9,000 shares traded, thus valuing the company at RM2.7 bil. – Oct 28, 2023