YNH to sell properties to ALX Asset

PETALING JAYA: YNH Property Bhd will dispose of two properties for RM422.50mil in cash to ALX Asset Bhd.

In a filing with Bursa Malaysia, YNH said the two properties are the 163 Retail Park shopping centre for RM270.50mil and the Aeon Seri Manjung shopping centre and the freehold land it was erected on for RM152mil.

The group said that 163 Retail Park and Aeon Seri Manjung belong to its wholly-owned subsidiaries, D’Kiara Place Sdn Bhd and YNH Hospitality, respectively.

YNH said ALX Asset would fund its purchase by issuing medium-term notes (MTN) under a proposed asset-backed securities MTN programme of up to RM500mil in nominal value.