PETALING JAYA: YNH Property Bhd
is disposing of its Aeon Mall Seri Manjung, a two-storey freehold property in Lumut, Perak to Sunway Real Estate Investment Trust (Sunway-REIT) for RM138mil,
The company said in a filing with Bursa Malaysia that its wholly-owned subsidiaries, Kar Sin Bhd and YNH Hospitality Sdn Bhd, had entered into a sale and purchase agreement with RHB Trustees Bhd, the trustee of Sunway-REIT, on Monday for the disposal of the property.
According to the filing, the disposal represents an opportunity for YNH to unlock value and monetise its investments in the property, as it would record a pro forma net gain of RM12.03mil.
The disposal would also enable the company to raise proceeds of RM138mil for repayment of outstanding loan and working capital while at the same time, contribute positively to the future cash flow when it materialises.
