KUALA LUMPUR: YNH Property Bhd
has via its wholly-owned subsidiary Kar Sin Bhd disposed of a 5.1-acre freehold tract in Desa Seri Hartamas, Kuala Lumpur, to Sunway Living Space Sdn Bhd for RM170mil cash.
In a filing with Bursa Malaysia, the group said the purchaser will take vacant possession of the property free from all encumbrances on an "as is where is" basis.
YNH Property said the proposed disposal will provide an opportunity for it to realise and unlock the value of its investment.
The group's original cost of investment in the property was RM150mil on April 18, 2022.
It added that the proposed disposal could also strengthen its liquidity and cash flow position.
"The proceeds will be utilised for repayment of bank borrowing and working capital, which will result in interest saving of RM3,771,823 per annum and is expected to reduce the gearing ratio of YNH Group," it said.
Trading in the securities of YNH Property was halted at the opening bell today (May 16) and will resume at 10am.
The share was last traded at RM4.82 a share on the previous day.
