YNH gets nod to RM422.5mil assets sale

TheStar Wed, Mar 01, 2023 08:31pm - 1 year View Original


KUALA LUMPUR: YNH Property Bhd’s shareholders have approved the disposal of Kiara 163 Retail Park and AEON Seri Manjung for a total of RM422.5mil cash to ALX Asset Bhd at an extraordinary general meeting (EGM) held today.

“The disposal will generate an infusion of RM422.5mil into the YNH group and this will strengthen our balance sheet while allowing our group to gain more headroom to secure future funding required to finance other exciting projects within our landbank as well as kick-starting our flagship project, Menara YNH,” independent non-executive director Ching Nye Mi said in a statement.

Ching said YNH remains optimistic on the outlook of the property sector in Malaysia and expects to continue to receive rental income of approximately RM6.4mil per annum from its current properties located in Perak.

“Our on-going property development projects including Solasta Dutamas and future property development project located in Genting Highlands, are also expected to contribute positively to our group’s financial performance in the foreseeable future,” he added.

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