YNH reaffirms bondholders with remedied technical defaults

KUALA LUMPUR: YNH Property Bhd (YNH) said it has remedied the "technical default" involving its sukuk programme.

“YNH clarified that they have successfully remedied the technical default mentioned in the MARC Ratings announcement dated April 8.

“The balance for the second monthly payment due April 26 has also been met by topping up the fund in the SPA Account,” YNH said in a statement.

The company is referring to its Islamic Medium-Term Notes (Sukuk Wakalah) programme.

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

It has issued a clarification to bondholders via the Malaysian Trustee Bhd in relation to the company’s technical defaults, mall sale proceeds, bond collateral and appointment of new auditor.

YNH also 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.