YNH REAFFIRMS BONDHOLDERS ALL TECHNICAL DEFAULTS ARE REMEDIED AND BUSINESS PLANS ARE ON THE RIGHT TRACK

YNH Property Berhad (YNH) today announced it has issued a clarification to bondholders via the Malaysian Trustee Berhad in relation to the Company’s technical defaults, mall sale proceeds, bond collateral and appointment of new Auditor.

YNH clarified that they have successfully remedied the technical default mentioned in the MARC Ratings announcement dated 8th April 2024. The balance for the second monthly payment due 26th April 2024 has also been met by topping up the fund in the SPA Account.

The Company also reassured that it will maintain compliance to prevent further technical defaults.

YNH further explained 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 scheduled to compete 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 reaffirmed that the bond collateral information provided in the memorandum is accurate as it is based on independent valuations conducted by Jones Lang Wootton. To date, there have been no material changes to the bond collateral information.

In its clarification, YNH also informed that it has appointed Morison LC PLT as the external auditor, reflecting the Company’s commitment to upholding the highest standard of financial reporting and transparency.

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