PERAK-headquartered YNH Property Bhd has today (April 26) issued a clarification to bondholders via the Malaysian Trustee Bhd in relation to the company’s technical defaults, mall sale proceeds, bond collateral and appointment of new Auditor.
YNH clarified that it has successfully remedied the technical default mentioned in the MARC (Malaysian Rating Corporation Bhd) Ratings announcement dated April 8.
“The balance for the second monthly payment due on April 26 (today) has also been met by topping up the fund in the SPA (Security and Principal Account),” the property developer pointed out in a media statement.
YNH further gave re-assurance that it will maintain compliance to prevent further technical defaults.
It went on to explain that the sale of Kiara 163 Retail Park is currently in its final stages and is pending shareholders’ approval at the upcoming extraordinary general meeting (EGM). The transaction is slated for completion by June 2024.
According to YNH, this transaction aligns with its commitment to maximising the value of its assets while ensuring the long-term sustainability of its business operations.
In addition, YNH also re-affirmed that the bond collateral information provided in the memorandum is accurate as it is based on independent valuations conducted by multi-faceted real estate service provider Jones Lang Wootton.
“To date, there have been no material changes to the bond collateral information,” stressed YNH.
In its clarification, the property developer also informed that it has appointed Morison LC PLT as the group’s external auditor, a move that reflects its commitment to upholding the highest standard of financial reporting and transparency.
At the close of today’s trading, YNH was unchanged at 45 sen with 2.34 million shares traded, thus valuing the company at RM238 mil. – April 26, 2024
