YNH to dispose of 163 Retail Park for RM215mil

PETALING JAYA: YNH Property Bhd is disposing of 163 Retail Park, a seven-storey retail shopping centre in Mont Kiara, Kuala Lumpur, to Sunway Real Estate Investment Trust for RM215mil.

In a filing with Bursa Malaysia, YNH said the proposed disposal represents an opportunity for the group to unlock the value of and monetise its investments in the property.

“The group is expected to record a pro forma net loss of approximately RM12.04mil after accounting for the reversal of deferred tax, which is no longer required as there is no capital gain tax applicable for disposal of property, from the proposed disposal.”

YNH said it will utilise the disposal proceeds for working capital and repayment of borrowings.