YNH Property lodges reports with police, MCMC over ‘fake news’
PETALING JAYA: Property developer YNH Property Bhd has lodged police reports over what it claims to be defamatory and false statements against the company by various unnamed news portals and websites.
It has also lodged complaints on this matter with “regulatory authorities” including the Malaysian Communications and Multimedia Commission (MCMC), it said in a statement yesterday.
The Main Market-listed developer claimed these portals and websites have been publishing a series of articles containing “serious allegations, accusations and inference” against the company, its directors, management and shareholders.
“These articles contain defamatory and false representations and statements and have deliberately distorted the information presented so as to inflict serious damage and harm to our operations.
“We also note there are elements of criminal intimidation related to the said fake news as there were threats of more fake news if a certain amount of money is not paid,” the statement added.
The company hoped the authorities will investigate the matter and take the necessary action to “safeguard the interest of our shareholders and stakeholders”.
“Legal advice will be sought and legal action will be taken where necessary,” it added.
YNH said it was committed to pursuing this matter “to its finality” and use all means available to protect its interest and their stakeholders.
From Sitiawan to the Klang Valley
YNH has its roots in Perak but in recent years has made its mark in the Klang Valley. Some of its notable developments there are Kiara 163 in Mont Kiara, Solasta in Dutamas, and 188 Suites in Kuala Lumpur City Centre.
YNH was founded in the small town of Sitiawan by the late Yu Neh Huat in 1970s and was listed on Bursa Malaysia in 2003. His son Yu Kuan Chon is now chairman, executive director and the largest single shareholder holding a 24.4% direct interest, followed by his brother Yu Kuan Huat, who is the managing director, with 4.5% interest.
For the nine-month period ending Sept 30, 2022, it reported a 26% drop in net profit to RM7.95 million from RM10.75 million a year earlier.
However, for the nine months ended Sept 30, 2022, it posted a 22.6% increase in revenue to RM159.16 million from RM130.06 million in the corresponding period a year ago.
Disposal of retail malls
An extraordinary general meeting (EGM) has been called on March 1, 2023 to get shareholders’ approval for the disposal of two retail malls to ALX Asset Bhd (ALX) in a related party transaction.
In a Bursa Malaysia filing on Feb 9, the group proposed the disposal of its seven-storey retail shopping centre named 163 Retail Park in Mont Kiara, which is to be satisfied with RM270.5 million in cash by ALX.
In the same filing, the group also proposed to dispose its two-storey retail shopping centre known as Aeon Seri Manjung in Perak to ALX for a consideration of RM152 million in cash.
Both assets amounting to RM422.5 million will be satisfied entirely in cash through the issuance of medium-term notes (MTNs) under a proposed asset backed MTNs programme of up to RM500 million in nominal value.
Of its total proceeds, RM335 million has been allocated for the repayment of bank borrowings. The group also intends to utilise RM81.9 million as working capital with the remainder RM5.6 million to cover costs related to the disposal of the two properties, and asset backed MTNs programme.
YNH shares ended unchanged today at RM4.78 sen, giving the group a market capitalisation of RM2.53 billion.